AppLovin (NASDAQ:APP) made its major debut today with its initial public offering (IPO) but investors are already pushing APP stock down.
Here’s everything investors need to know about the APP stock IPO today.
- Shares of APP stock started off trading at 12:36 p.m. Thursday and shares were immediately falling.
- As of this writing, the company’s shares are trading at around $66.56.
- That’s a hefty drop compared to the company’s IPO price of $80 per share.
- That IPO price was at the midpoint of its previous range of $75 per share to $80 per share.
- The company’s IPO has it offering up 22.5 million shares of APP stock with a 30-day option for underwriters of 3.75 million shares.
- It’s hoping to raise $2.13 billion from the offering.
- AppLovin’s IPO is set to close on Monday.
- It plans to use funds from the IPO for general corporate purposes and to pay down $400 million in debt.
- Trading today has more than 5.3 million shares of APP stock changing hands when this article was published.
- AppLovin is a mobile game company that has more than 410 million daily active users.
- The company’s main business is free-to-play mobile games supported by ads and in-game purchases.
- It currently offers more than 200 mobile games for users to play.
- Some of its largest titles include Word Connect, Slap Kings and Bingo Story.
There’s no denying that investors aren’t happy with the AppLovin IPO. Shares of APP stock are currently down 13.1% as of Thursday afternoon compared to its IPO price of $80 per share.
While the AppLovin IPO isn’t what it was cracked up to be, there are plenty of other companies new to the public market worth checking out.
Several companies have gone public lately and there are more on the way. That includes Esports Technologies (NASDAQ:EBET), Coinbase (NASDAQ:COIN), and Alkami Technology. Investors that are looking for more information about these companies can check out the following links.
More IPO News
- EBET Stock: 12 Things to Know as Esports Technologies Starts Trading Today
- Coinbase IPO: Why Jim Cramer Says COIN Stock Is the ‘Real Deal’
- Alkami Technology Is an IPO Worth Investigating Closely
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.