AppLovin Prices $622.5M Upsized Equity Offering At 8% Discount

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.

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