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вЂњWe think we can continue to use our software, really what we do fundamentally is to get app developers to match with users,вЂќ Chen said. But while AppLovin is known for gaming, its technology is вЂњhorizontal in nature,вЂќ according to Chen, so the company can expand into other areas.

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With technology that straddles the world of software and video game development, AppLovin is among a handful of gaming-related companies that have gone public in recent months, includingВ Playtika,В RobloxВ andВ Unity Technologies. The company opted to go public through a traditional IPO rather than a SPAC or direct listing because an IPO would give it access to the right investors and the time frame was advantageous, Chen said. AppLovin reported around $1.45 billion in revenue in 2020, up from $994.1 million in 2019, according to the companyвЂ™s S-1. The company chose to go public now because of the growth itвЂ™s seen in the past year, and the large market it could tap into, Chen said. Orient Hontai Capital then became an investor. The company eventually raised a seed round in 2014 before bringing on investors includingВ KKR.ДЄppLovin was supposed to be acquired by Chinese private equity firmВ Orient Hontai CapitalВ for $1.4 billion in 2016, but the deal didnвЂ™t materialize. The company, which was founded in 2011, initially wasnвЂ™t able to raise venture dollars, so it bootstrapped, according to a letter in the S-1 from CEOВ Adam Foroughi. вЂњWeвЂ™re focused on creating equity value for the long term, not just the near-term trading,вЂќ Chen said in an interview with Crunchbase News.ДЄppLovin is an interesting venture-backed company to go public, because it didnвЂ™t start out that way. President and CFO of AppLovin,В Herald Chen, dismissed the stockвЂ™s performance on Thursday, saying the company is focused on its long-term value, rather than just its first day. AppLovin raised $2 billion through its IPO and was valued at more than $28 billion before its lackluster debut on Thursday.ДЄppLovin helps mobile apps grow their business by matching users to apps and helping developers monetize their apps. The companyвЂ™s stock opened at $70 on Thursday, around 13 percent below its IPO price of $80. Mobile tech companyВ AppLovinвЂ™s stock closed at $65.20 on its first day of trading, nearly 19 percent below its IPO price.

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