(Bloomberg) -- Applovin Corp. fell as much as 17% in its trading debut after the mobile apps company and KKR & Co. raised $2 billion in an initial public offering.

The shares, priced in the IPO at $80, opened trading Thursday in New York at $70. They were down 15% to $67.69 at 1:27 p.m., giving the company a market value of about $24 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

The company sold 22.5 million shares and investor KKR sold 2.5 million shares on Wednesday at the midpoint of a marketed range of $75 to $85.

Following the listing, co-founder and Chief Executive Officer Adam Foroughi, President and Chief Financial Officer Herald Chen and KKR will have 93.4% of the voting power, according to the company’s filings. Their Class B shares will have 20 votes each, while the shares sold in the IPO will have one vote apiece.

‘Milestone’ Day

“Today is a milestone. It gave us access to funding to go reinvest back in our business,” Foroughi said in an interview before trading began. “We’re much more interested in where we land three to five years down the road than we are where we are going to trade today.”

He compared Applovin’s machine-learning focus to enable content creators to that of Netflix.

“We’re entirely focused on that tech enablement platform,” he said. “However, we’ve invested in these creators.”

The Palo Alto, California-based company has scaled up and diversified, partly through acquisitions.

Machine Zone

Applovin announced in May that it was acquiring game-maker Machine Zone Inc., which people familiar with the matter said was valued in the deal at about $500 million. This year, it bought Berlin-based Adjust in a deal that valued the maker of tools to measure the performances of apps at close to $1 billion, Bloomberg reported.

Applovin reported a net loss of $126 million on $1.45 billion in revenue in 2020, due to operating losses, according to its filings. That compared with net income of $119 million on revenue of $994 million the previous year.

The offering is being led by Morgan Stanley, JPMorgan Chase & Co., KKR, Bank of America Corp. and Citigroup Inc. Applovin’s shares are trading on the Nasdaq under the symbol APP.

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