KKR-backed AppLovin shares fall in Nasdaq debut By Reuters
By Echo Wang (Reuters) -Shares of mobile app and gaming company AppLovin Corp fell as much as 16.6% in their Nasdaq debut on Thursday, valuing the KKR & Co Inc-backed business at around $24 billion. It is a sign that the rampant investor appetite in recent months for new technology stocks, which has led to several large first-day trading gains, may be slowing. Palo Alto, California-based AppLovin's shares opened at $70, below its initial public offering price of $80, the mid-point of the company's target range. The stock traded as low as 66.69...
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