UPDATE: Mobile gaming firm AppLovin aims for over $30 billion valuation in U.S. IPO

Mobile app and gaming company AppLovin Corp, which is backed by private equity giant KKR & Co Inc, said on Wednesday it was targeting a valuation of more than $30 billion in its U.S. initial public offering.

The company said it was looking to raise as much as $2.13 billion in its IPO by selling 25 million shares at a price range of $75 to $85 per share.

Reuters reported last year that Palo Alto, California-based AppLovin had hired Morgan Stanley to lead its IPO.

AppLovin is the latest player in the mobile gaming industry looking to cash in on the surging demand for video games from gamers staying at home due to the COVID-19 pandemic, with DraftKings Inc, Playtika Holding Corp and Roblox Corp also going public over the past 18 months.

Founded in 2012 as an advertising platform for mobile games, AppLovin posted a net loss of around $126 million last year, compared with a net profit of $119 million in 2019.

Its revenue surged 46% to $1.45 billion in 2020.

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