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Unity reveals plans to IPO on New York Stock Exchange

Raising money to pay off a loan and maybe make some acquisitions
Unity reveals plans to IPO on New York Stock Exchange

Game engine developer Unity has revealed plans for an IPO on the New York Stock Exchange.

According to a filing with the United States Securities and Exchange Commission, Unity has put a placeholder value of $100 million on the IPO, although a press release from the company states that the number of shares and price range have not been decided. It is planning on trading under the ticker symbol "U".

The SEC filing reveals that Unity generated revenues of $541.8 million in 2019, but saw a net loss of $163.2 million for the year. Both revenues and losses increased compared to 2018, which saw revenues of $380.8 million and a net loss of $131.6 million.

Talking money

Unity plans to use some of the money raised from an IPO to pay off an existing $125 million of debt, as well as covering "general corporate purposes". It will also consider using the money for future acquisitions and strategic investments in other companies.

The developer has already made a handful of acquisitions in 2020, picking up Artomatix in March and Bolt in May. It also made all of its premium learning tools completely free for everyone to use on a permanent basis, after making them free for a few months due to the coronavirus pandemic.