- Marketing software company AppLovin Corp APP priced 7.5 million shares at $83 per share in an upsized secondary offering.
- The offer price implies an 8.1% discount to AppLovin's December 2 closing price of $90.32. AppLovin initially intended to sell 6.5 million shares.
- The estimated gross proceed is $622.5 million. AppLovin has not disclosed the reason behind the offering.
- The offering includes shares offered by selling shareholder KKR Denali Holdings L.P. However, they have not declared how many shares it wished to sell.
- AppLovin will not receive any proceeds from the share sale by the selling shareholders.
- The underwriters have a 30-day option to purchase additional shares up to 1.1 million.
- Price Action: APP shares traded lower by 5.89% at $85 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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