KKR-backed gaming firm AppLovin targets US$30 billion valuation in US  IPOMobile app and gaming company AppLovin Corp, which is backed by private equity giant KKR & Co Inc , said on Wednesday it was aiming for a valuation of more than US$30 billion in its US initial public offering (IPO).

The company was looking to raise as much as US$2.13 billion by selling 25 million shares at a price range of US$75 to US$85 per share. It had hired Morgan Stanley to lead its IPO, Reuters reported last year. The Palo Alto, California-based company is the latest player in the mobile gaming industry looking to cash in on the surge in demand for video games from people staying at home due to the COVID-19 pandemic.

In the past 18 months, firms including DraftKings Inc, Playtika Holding Corp and Roblox Corp have taken the market route to raise capital.

At a 2018 tech summit hosted by 3Q Digital and Google, Chief Executive Adam Foroughi had said when the company was founded in 2012 as an advertising platform for mobile games he struggled to raise capital as venture capitalists did not believe in his vision.

AppLovin now has over 410 million daily active users on its platform and its apps consist of more than 200 free-to-play mobile games, including Word Connect, Slap Kings and Bingo Story.

It posted a net loss of around US$126 million last year, compared with a net profit of US$119 million in 2019. Its revenue surged 46 per cent to US$1.45 billion in 2020.

AppLovin will be listed on the Nasdaq and will trade under the ticker symbol “APP”.

Morgan Stanley, J.P. Morgan, KKR, BofA Securities and Citigroup are the lead underwriters for AppLovin’s offering.