Unity to raise up to $1.21 billion in IPO

Unity Software is planning to raise $1.2 billion in an IPO that will take place this Wednesday. Last week, the firm amended the terms for its IPO.

Unity filed for an IPO in late August, but two weeks ago amended the filing.

Unity Software Inc. is set to begin trading on the New York Stock Exchange on September 18, 2020.

Unity plans to sell 25 million shares priced at $34 to $42 each. The company’s valuation can grow to $11.06 billion at the high end of its range.

The IPO is being led by Goldman Sachs Group Inc. and Credit Suisse Group AG.

Unity shares will be listed on the New York Stock Exchange under the symbol U.

According to Unity’s estimates, 53% of the top 1,000 mobile games on the iOS App Store and Google Play were built with its engine, Fall Guys: Ultimate Knockout, Ori and The Will of the Wisps, Oddworld: Soulstorm and Township. It’s also worth noting that Unity is going public at a time when its competitor Epic Games is entangled in a legal battle with Apple

Unity will use the proceeds for general corporate purposes, including expanding the Unity engine beyond gaming to other industries.