Unity Stock Surges On First Day Of Trading 

Video game software development company Unity closed out its first day of trading at $68.35, 31 percent above its IPO price. 

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Unity’s stock opened at $75 on Friday. The company raised $1.3 billion in its initial public offering by selling 25 million shares at $52 each. The $52 price was above the range of $44 to $48 that the company had set after initially setting a price range of between $34 and $42 per share.

Unity, which is trading on the New York Stock Exchange under the ticker U, has raised at least $1.3 billion in funding from investors including Altimeter Capital and Sequoia Capital. Among the biggest winners in the IPO are Sequoia Capital, Silver Lake Partners and JA Technologies ApS.

The cross-platform game engine gets credit for being behind popular games like Pokemon Go. The company, which is based in San Francisco, reported $351.3 million in revenue for the first half of 2020, up from $252.8 million during the same period the year prior. Its losses also went down from $67 million in the first half of 2019 to $54 million during the first half of 2020.

Unity closes out a busy IPO week. Companies including JFrog, Sumo Logic and Snowflake all went public, with Snowflake ending up as the largest software IPO ever. 

Illustration: Li-Anne Dias