Unity To Raise Up To $1.05B In IPO

Unity set its price range for its upcoming IPO between $34 and $42 per share, setting the company up to raise as much as $1.05 billion.

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Unity, a video game software development company, could be valued at more than $11 billion if it prices at the top of its range.

Unity was one of several tech companies to file to go public late last month as the IPO market remains hot. Companies including Sumo Logic and Snowflake also filed to go public through an IPO, as did companies like Asana and Palantir through direct listings.

It’s the opposite from the IPO market just a few months ago, when tech IPOs were pretty much at a standstill. Now, it looks like everyone wants to go public soon.

Unity might not have the same name recognition as soon-to-be public companies like Airbnb or Palantir, but its numbers are solid.

The company reported $351.3 million in revenue for the first six months of 2020, up from $252.8 million during the first half of 2019. Its net losses also shrunk from $67 million in the first half of 2019 to $54 million in the first half of 2020.

It also counts 1.5 million monthly active creators and 3 billion app downloads per month, according to its S-1 registration statement. It has a presence in more than 190 countries through creators on its platform.

The company has raised at least $1.3 billion in funding from investors including Sequoia Capital and Altimeter Capital. It last raised money with its $125 million Series E in May 2019, per Crunchbase.

The company expects to start trading on the public markets on Friday, Sept. 18, according to IPO Scoop.

Illustration: Li-Anne Dias.