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Unity Raises IPO Target To Above $1.3B, Set To Become 4th Tech Listing This Week

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Unity Raises IPO Target To Above $1.3B, Set To Become 4th Tech Listing This Week

Video game software developer Unity Software Inc. priced its initial public offering above previous estimates on Thursday.

What Happened: Unity said it planned to issue 25 million shares at $52 per share. The underwriters are entitled to a 30-day option to buy an additional 3.75 million shares.

Last week, the Financial Times reported that Unity planned for its IPO price to be determined through an online bidding system. The original IPO price was anticipated between $34 and $42, which was later revised to a price range between $44 and $48.

Unity shares will be listed under the symbol "U" on New York Stock Exchange and would begin the trading debut on Friday. The company’s valuation is estimated at around $13.7 billion, according to CNBC.

Unity claimed in the prospectus that its software is witnessing around 3 billion downloads a month with over 1.5 million monthly active users.

Why Does It Matter: This week has been dominated with the news of tech IPOs and Unity would be the fourth tech listing in the week.

The cloud-based data warehousing startup Snowflake Inc (NYSE: SNOW) and the Universal DevOps solution provider JFrog Ltd (NASDAQ: FROG) began trading on Wednesday.

They were followed by Cloud-based machine data analytics company Sumo Logic Inc (NASDAQ: SUMO) that began trading on Thursday.

 

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