Unity makes $1.3 billion through its IPO on NYSE

Unity has generated $1.3 billion through its initial public offering on the New York Stock Exchange, with a company valuation of $13.7 billion.

As reported by Reuters, the games development software firm sold 25 million shares at $52 apiece. The cost of each individual share is up from what the company set it at earlier this week, $44 to $48. However, that was also a revised valuation as it was previously $34 to $42 per unit.

Splashing cash

The game engine developer first announced its plans for an IPO on the NYSE last month. Unity has stated that it will use some of the money to pay off its outstanding debts and look at possible acquisitions.

Last year, the company recorded a net loss of $163.2 million, which was an increase on 2018 when it saw a loss of $131.6 million.

However, this year, Unity has splashed the cash as it acquired AI-driven content creation platform Artomatix back in March. Furthermore, it purchased the scripting solution Bolt in May.