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IPO market hot as Unity Software (U) soars 31% on its stock debut
Unity Software (U) continued a recent trend of strong market trading debuts on Friday after the game engine developer closed 31% higher on the New York Stock Exchange.
Unity’s IPO was a huge success overall as $1.3bn was raised from the 25m shares of common stock, pushing the company’s market cap to $13.7bn.
Unity had priced shares at $52 and the first trade for 3.36m shares, which was executed just before midday, sent stock soaring.
The San Francisco-headquartered company eventually finished 31.44% up on its IPO price.
Unity came to market as a thriving gaming platform with around 1.5m monthly active creators globally.
In its prospectus, Unity said that creators using its software had developed applications that were downloaded more than 3bn times last year across 1.5bn “unique” devices.
The company is now venturing into interactive 3D media to support its core gaming capabilities.
Unity chief executive John Riccitiello said that it also adopts an egalitarian corporate culture.
He noted: “This is not a normal company. We are building a broad platform at the individual level. Hundreds of people here make consequential decisions.”
Unity’s impressive debut follows on from stellar showings for JFrog (FROG), Sumo Logic (SUMO) and Snowflake (SNOW).
Data storage and management company Snowflake skyrocketed 166% on its debut in midweek before retreating 11% and 1.26% on Thursday and Friday, respectively.
That was enough to make it the largest IPO in the US in 2020 as a record $3.36bn was generated.
It was also the best debut ever for a software company.
JFrog also performed well as its stock jumped 62% on the first day of trading.
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