Unity shares pop following market debut


The New York Stock Exchange welcomes Unity Software Inc. (NYSE: U) Friday, September 18, 2020, as they officially begin trading today.

NYSE

Shares of Unity, a video game software developer, jumped 44% in its market debut Friday on the New York Stock Exchange. 

The company priced its shares at $52 apiece, after lifting the range on Wednesday to between $44 and $48. The stock began trading at $75 per share. The surge after the open boosted the company’s market cap to nearly $20 billion.

The stock trades under the symbol “U.” 

Founded in 2004, Unity has become a major player in game creation over the past decade by giving developers the tools to create 3D titles for phones, consoles and the web without having to code for each platform. The company said in its prospectus that it has 1.5 million monthly active creators and that developers using its software are seeing over 3 billion downloads a month. 

“Pokemon Go” and “Iron man VR” are among the games developed using Unity’s software. It’s also used for games published by Electronic Arts, Take-Two Interactive, Tencent and Ubisoft.

— CNBC’s Ari Levy contributed to this report. 

Subscribe to CNBC on YouTube.



Source link

Discover

Sponsor

Latest

Trump positive test changes dynamic, Pelosi says

U.S. House Speaker Nancy Pelosi (D-CA) speaks during her weekly news conference on Capitol Hill in Washington, August 13, 2020.Sarah Silbiger | ReutersHouse...

Why You Should Pass Up This VW

ProsMassive interiorRacy silhouetteFour-year/50K-mile warrantyConsSubpar interior materialsOverpricedPoor ride qualityDon't get too excited, but let's climb into the back seat of the Volkswagen Atlas Cross...

The NBA made it through its pandemic season, now it looks to 5G and VR in a post-Covid world

Anthony Davis #3 of the Los Angeles Lakers shoots the ball against the Miami Heat during Game Four of the NBA Finals on...

DA agrees to pause subpoena pending appeal

U.S. President Donald Trump arrives to speak about the administration's coronavirus disease (COVID-19) testing plan in the Rose Garden at the White House...