Unity Software prices IPO at $52 to raise at least $1.3 billion
Unity Software Inc. is adding a lot of fuel to its financial engine, as yet another strong software IPO gets underway.
The San Francisco company, which makes a software engine that designers use to create videogames, priced its initial public offering at $52 a share Thursday evening, according to a person familiar with the matter, higher than an already elevated target range. Unity U, -0.46% stands to bring in at least $1.3 billion at a valuation of $13.7 billion at that price, and is expected to begin trading Friday morning on the New York Stock Exchange under the ticker symbol U.
Unity offers its gaming engine — a software system that provides a framework in which developers can build their games without having to reinvent the wheel — free to developers, and only starts charging a licensing fee after a certain revenue milestone has been crossed. “Unity is very attractive to independent developers,” Forrester research director Chris Gardner told MarketWatch.
Launched in Denmark in 2004 as Over the Edge Entertainment, Unity moved to the U.S. and changed its name in 2009, when it attracted $5.5 million in investment from Sequoia Capital. Unity has stayed private for more than a decade since, with continuing funding rounds moving its valuation up to $6 billion on the private markets as of July 2019. The company lost $163.2 million last year on revenue of $541.8 million, with sales growing 42.2% and losses increasing by 24% from the year before.
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