News Briefs

KKR-backed AppLovin taps Morgan Stanley to lead IPO: Reuters

AppLovin Corp, a mobile app and gaming company backed by private equity firm KKR, has hired Morgan Stanley to lead the IPO, which could come early in 2021, reported Reuters citing sources familiar with the matter.

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AppLovin Corp, a mobile app and gaming company backed by private equity firm KKR, has hired Morgan Stanley to lead the IPO, which could come early in 2021, reported Reuters citing sources familiar with the matter. In 2018, KKR acquired a minority stake in AppLovin for $400 million, valuing the company at $2 billion, added the newswire. However, AppLovin now expects to score a “substantially higher valuation.”

Source: Reuters