Applovin Corp. shares dropped below their initial public offering price in their trading debut Thursday, after IPO investors valued the company at more than $28 billion.
Applovin APP,
The Palo Alto, Calif.-based company, which will be a decade old in July, makes marketing, monetization and analytics software that helps app developers grow their businesses, while also owning a portfolio of more than 200 free-to-play mobile games with in-app purchases.
Read: Applovin IPO: 5 things to know about the software company
In an interview, Applovin Chief Executive and co-founder Adam Foroughi likened Applovin’s model to Netflix Inc. NFLX,
“When you go to Netflix, you see their content library and they show you based on what you browsed, and viewed before, what you should engage with,” Foroughi told MarketWatch. “And part of their business is their own original content, which expands their offerings to consumers to get some more data into their system with consumption. We’re built the exact same way within the app ecosystem.”
Over the past 12 months, the Renaissance IPO ETF IPO,
