Mobile gaming company AppLovin launched a long-anticipated initial public offering (IPO) in the US, with the company seeking a valuation of more than $30 billion, Reuters reported.
The news agency stated AppLovin aims to cash in on a surge in popularity for mobile games sparked by Covid-19 (coronavirus) lockdowns, citing similar moves by gaming platform Roblox and sport betting company DraftKings.
In a filing to the US Securities and Exchange Commission last month, AppLovin explained it would use the proceeds of the IPO to cover operating expenses and capex, and expand partnerships.
At end-2020 the company had 410 million daily active users, with a portfolio of more than 200 free-to-play games.
It slipped to a net loss of almost $126 million during the year, compared with a profit of $119 million in 2019, though revenue increased 46 per cent to $1.45 billion.
An acquisition of a minority stake by private equity company KKR in 2018 valued AppLovin at $2 billion.