Fenwick represented the underwriters in the initial public offering of 25,000,000 shares of Class A common stock for AppLovin Corporation (Nasdaq: APP), a global technology platform that provides developers a powerful, integrated set of solutions to grow their businesses. The offering consisted of 22,500,000 shares offered by AppLovin and 2,500,000 shares offered by KKR Denali Holdings at a price to the public of $80 per share, resulting in gross proceeds of $2.0 billion. AppLovin’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol “APP.”
Morgan Stanley, J.P. Morgan, KKR Capital Markets, LLC, BofA Securities and Citigroup acted as lead book-running managers for the offering. Credit Suisse and UBS Investment Bank acted as additional book-running managers. Blaylock Van, LLC, Guzman & Company, LionTree Advisors, LUMA Securities, Oppenheimer & Co., R. Seelaus & Co., LLC, The Raine Group, Roberts & Ryan, Stifel, Truist Securities and William Blair acted as co-managers for the offering.
Fenwick has served as outside counsel to AppLovin since its incorporation in 2012, led by corporate partners Michael Esquivel, Kris Withrow and Ryan Slunaker and associate Jordan Roberts. The Fenwick transaction team for AppLovin’s IPO included corporate partners Michael Esquivel, Ran Ben-Tzur and James Evans and associates Jennifer Hitchcock, Lailey Rezai and Atrina Mehdipour; securities litigation associate Alexis Caloza; executive compensation and employee benefits counsel Laura McIntyre and Mona Clee; technology transactions partner Stephen Gillespie, associate Julia Arruda and advisor Sandra Weustink; privacy and cybersecurity counsel Helen Christakos; intellectual property partners Sally Abel and Daniel Brownstone and associate Moira Lion; and tax partner Julia Ushakova-Stein and associate Sean McElroy.