AppLovin Corporation (APP) made its public debut last Thursday on the Nasdaq.
The company, backed by KKR & Co is now trading at a market capitalization of $21.3 billion. Back in 2018, KKR took a $400 million stake in AppLovin with a then $2 Billion valuation. With AppLovin now public, KKR may have exceeded a 10X return on their investment in just a few short years.
AppLovin owns such hits as Matchington Mansion and Wordscapes and was one of the highest profile gamin IPO’s of the year. The company has found itself in a dominate position in the industry via strategic acquisitions and targeted growth.
The pandemic only helped to bolster company revenue as lockdown orders kept people at home looking for alternative indoor entertainment. This year, mobile gaming revenues may exceed the record breaking numbers from 2020.
Even though 2020 was a banner year for the industry, gaming giants are looking at additional acquisitions for growth. Investments and M&A in 2021 may well exceed that of 2020.
Read more about the AppLovin IPO, and KKR’s big win, HERE
SOURCE: https://www.ft.com/content/42f8503c-02e5-4403-be04-551ba614057c