Finance History|Nasdaq MarketSite — Eighty Dollars That Opened at Seventy
· 2021-4
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Finance History|Nasdaq MarketSite — Eighty Dollars That Opened at Seventy
kevin
People treat AppLovin as a Palo Alto advertising-and-games platform that always printed APP on a mature Nasdaq book.
The first public print was a nine-year-old mobile-app shop selling a minority Class A slice.
AppLovin's own 15 April 2021 release priced 25,000,000 Class A shares at 80.00 U.S. dollars. The company sold 22,500,000. KKR Denali Holdings sold 2,500,000. Underwriters received a 30-day option on 3,750,000 more from KKR.
The company received none of the KKR proceeds.
Morgan Stanley, J.P. Morgan, KKR Capital Markets, BofA Securities and Citigroup led the books.
The range was 75-to-85 U.S. dollars. The print sat at the midpoint.
Trading began on 15 April 2021 on the Nasdaq Global Select Market under the letters APP. CNBC recorded an open at 70.00 U.S. dollars.
Bloomberg recorded a close at 65.20 U.S. dollars, more than 18 percent below the 80.00 offer, for a first-day capitalization near 23 billion U.S. dollars on the outstanding count in the SEC filing.
Reuters put the offer-implied valuation at 28.64 billion U.S. dollars.
The Palo Alto rooms are a separate memory.
The pin is the Times Square MarketSite board that later carried the tape. The 2021 print itself ran on Nasdaq's electronic book, not inside a visitor studio.
The mechanism is a cash IPO that priced at the midpoint of the range and still opened below the offer.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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