a maker of software for mobile app developers, set terms for its initial public offering on Wednesday, with plans to offer 25 million shares priced at $75 to $85 each. The company, which is backed by private-equity firm KKR
has applied to list on Nasdaq under the ticker symbol “APP.” There are 18 banks underwriting the deal, led by Morgan Stanley, JP Morgan, KKR, BofA Securities and Citigroup. Proceeds of the deal will be used for general corporate purposes, including working capital, operating costs and capex. About $400 million will go to repay a revolving credit facility. The company had a net loss of $125.2 million in 2020, after income of $119 million in 2019. Revenue rose to $1.45 billion from $994.1 million.