Unity stock jumps in trading debut
Shares gained 44% on their first trade.
Unity Software Inc. shares surged Friday in their opening trade on the New York Stock Exchange.
Shares of the San Francisco-based software services provider opened for trading up 44% at $75 after pricing at $52 on Thursday evening. They were expected to price between $44 and $48 each after their range was raised from $34 to $42 on Wednesday.
|U||UNITY SOFTWARE INC.||31.00||+0.88||+2.92%|
Friday’s initial public offering, which raised $1.3 billion, valued the company at $13.7 billion. Unity was last valued at $6 billion following a fundraising round in July 2019.
The company’s net loss for the first six months of the year narrowed to $54.1 million, down from $67.1 million last year, as revenue climbed 39% to $351.3 million.
Goldman Sachs Group and Credit Suisse Group served as lead underwriters.
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Unity’s debut wraps up a strong week for initial public offerings.
Software solutions provider Snowflake Inc. more than doubled Wednesday in their NYSE debut. Software provider JFrog Ltd. shares, which also debuted Wednesday, surged 50% during their first day of trading.