Unity has an IPO of $52 over the range, reaching a corporate value of $13.7 billion.

Unity has an IPO of $52 over the range, reaching a corporate value of $13.7 billion.

Unity CEO John Riccitiello speaks on stage 1 of TechCrunch Disrupt SF 2018 at the Moscone Center in San Francisco, California on September 5, 2018.

Steve Jennings | TechCrunch | Getty images

Video game software developer Unity, valued the company at $13.7 billion on Thursday, set an IPO price higher than expected, CNBC confirmed.

Unity sold the stock for $52 each. Range off It is between $44 and $48 on Wednesday. Reuters reported the price for the first time. A Unity spokesperson did not immediately respond to requests for comment.

Unity Busiest week Highlighted by debut on Wednesday for this year’s IPO snowflake, which more than twice It is worth closing the day with a market capitalization of over $70 billion.

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 writing code for each platform. The company said in its guide that it has 1.5 million active creators each month, and developers using the software see more than 3 billion downloads a month.

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

In the first half of 2020, sales increased 39% year over year to $351.3 million, with the number of customers spending more than $100,000 rising from 515 to 716. In the first six months of this year, Unity’s net loss narrowed from $671 million to $54.1 million. 1 year ago.

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Unity CEO John Riccitiello, who previously ran EA, took an unconventional approach to pricing IPOs. CNBC reported earlier this week. Together with CFO Kimberly Jabal, who joined the company in 2019, Riccitiello took control over prices and allocations instead of relying on investment banks to make final decisions.

Investors have submitted bids for a specific price and desired number of shares. The Unity team then chooses a price based on where they bid, and investors who submit offers below that price will not receive the stock. If you are bidding above the final price, Unity management will determine the allocation.

watch: Silicon Valley is discussing the right way to go public after Snowflake’s monster IPO.

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