Mobile ad company AppLovin has formalised its IPO via the NASDAQ exchange, raising $2 billion.
As reported by Reuters, AppLovin stock will float at $80, which was the mid-point of its pre-launch $75 to $85 range.
It’s selling 25 million shares, which values the company at around $29 billion at the launch price.
The shares will be available to the public on 15 April, at which point the price will rise and fall depending on demand.
Upper class
AppLovin has two classes of shares: Class A, which are the ones launched on NASDAQ; and Class B, which are held by the management and main investor KKR.
Class B shares have 20 times the voting power of Class A shares, ensuring that AppLovin has greater control over its governance.
