unity

Unity raises over $1.3bn in IPO, valued at $13.7bn

Unity Technologies has been raised more than $1.3bn in an Initial Public Offering, and has been valued at $13.7bn.

The company filed a prospectus for investors with the SEC in the US a month ago, detailing the company’s history, operations and financial details over many years. The filing showed that the company had made some significant losses, although had also seen impressive growth over the years.

Unity began trading shares yesterday on New York Stock Exchange, under the symbol ‘U’ and ultimately sold 25 million shares for $52 a share, from an initial target price of $34 to $42 per share

According to CNN, by the close of its first day on the New York Stock exchange, Unity’s shares were up 31 per cent, at $68 per share. However, CNN also notes that Unity is not currently a profitable company, having made a net loss of $163.2 million in 2019, and lost $54 million in the first half of this year.

“We have shown improvement in our profitability over the last few years,” said Unity’s chief financial officer Kim Jabal. “We see longer term that this can be a very high gross margin and profitable business.”

About Chris Wallace

Chris is MCV/DEVELOP's staff writer, joining the team after graduating from Cardiff University with a Master's degree in Magazine Journalism. He can regrettably be found on Twitter at @wallacec42, where he mostly explores his obsession with the Life is Strange series, for which he refuses to apologise.

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