Technology
Why did AppLovin’s IPO fail to deliver? – CMC Markets
Despite strong pandemic sales, AppLovin’s share price tumbled on its first day of trading.
The group, which helps smartphone app developers grow revenues and find users by utilising its marketing, monetisation and analytics software, raised $1.8bn in its IPO on Thursday 15 April, valuing it at $28.6bn or $80 a share.
However, it opened trading at only $70 and fell during the day to close at $65.20. It reached a high of $71.51 and a low of $63. The company was valued at $23.3bn by the end of the day.
The nine-year-old group, which is backed by investment firm KKR, owns gaming studios including…
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