John Riccitiello, Chief Executive Officer, Unity Software. Photo credit: Stuart Isett/Fortune Brainstorm Tech, licensed under Creative Commons

Gaming company Unity has officially debuted on the public markets, with the company’s shares rising 31% on its very first day of trading. Unity opened at $52 a share and through the day rose to a record $75 before settling at $68.35 as at market closing. Before its public debut, the company had initially targeted a share price range of $44 to $48. Unity’s debut is one out of a string of recent successful IPOs with decent first-day pops, a string that includes cloud computing company Snowflake and data analytics firm Sumo Logic. 

Unity exactly filed to go public on the 24th of August. The company is listed on the New York Stock Exchange under the ticker “U”. Unity has apparent strong financials, with $542 million in 2019 revenues compared to $381 million in the previous year. The company isn’t, however, profitable, with $163 million in losses in 2019 and $131 million in the year before. Before the IPO, Unity had $453 million in cash on its balance sheet. The gaming company has now added more than $1.3 billion to that amount from its initial public offering. 

Unity is a popular gaming engine that’s used by numerous game developers globally. It’s also applicable to other fields such as architecture, engineering, and construction. Unity currently has more than 3,000 employees spread across 16 countries. Before going public, the company had raised over $1 billion in private funding. Among Unity’s backers who have apparently scored sizeable returns from its public listing include the likes of Silver Lake, Sequoia Capital, DFJ Growth, and Altimeter Capital.

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