UPDATE 1-KKR-backed AppLovin valued at over $25 bln as shares fall in market debut Reuters 6 hrs ago April 15 (Reuters) - Shares of AppLovin Corp fell 12.5% in their U.S. stock market debut on Thursday, fetching a valuation of more than $25 billion for the KKR & Co Inc -backed mobile app and gaming company. The Palo Alto, California-based company's shares opened at $70, below its initial public offering (IPO) price of $80 per share. It had earlier set a target price range of $75 and $85 per share. AppLovin raised $2 billion earlier on Thursday by offering 25 million shares, out of which 2.5 million shares were sold by KKR Denali Holdings LP.