Mobile publisher and marketing platform AppLovin nets $2 billion through IPO

Mobile company AppLovin has raised $2 billion through an initial public offering (IPO) that valued the company at $28.6 billion. 

MarketWatch reports the marketing platform turned publisher priced its IPO at $80 per share, and offered 22.5 million shares to raise $1.8 billion. Shareholder KKR Denali Holdings then offered 2.5 million shares to contribute an extra $200 million. 

The news comes a year after AppLovin acquired Final Fantasy XV: A New Empire dev Machine Zone with a view to leveraging the studio's user acquisition tools and monetization expertise. 

AppLovin has previously invested in a number of game studios including Clipwire Games, Firecraft Studios, and Redemption Games, and back in 2018 launched a publishing arm called Lion Studios to help developers distribute and promote their apps.