Unity Software Raises IPO Price Following Other Successful Debuts

Video game creation company Unity Software (NYSE: U) is pricing its IPO at $52 a share, another increase a day after upping the price range from the original $34 to $42 range. The company -- which took direct control of pricing and placement of shares instead of allowing its banking underwriters to do the job -- will raise as much as $1.35 billion in cash as a result. And with over 263 million shares outstanding, the price values the company at a market cap of $13.7 billion.

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Unity's public-market debut today and strong early interest come on the heels of a busy week that featured IPOs for cloud software firms Snowflake, JFrog, and Sumo Logic, all of which surged double-digit percentages from their initial pricing. Unity plans on using the proceeds from its IPO for general operational purposes, to pay off $125 million in loans, and possibly make acquisitions to round out its offering for game developers.

Source Fool.com