Unity’s first steps as a publicly traded company appear to be going well. The company closed out its IPO with $1.3 billion raised, ultimately selling 25 million shares for a higher-than-expected price of $52 a share.
By the close of its first day on the New York Stock Exchange today, CNN reports that Unity was up 31 percent at $68 per share.
Unity’s public debut has been long rumored across the game industry, but the company only unveiled its plans to do so last month when it filed the necessary paperwork with the government to get the publicly traded ball rolling.
It was that Form S-1 filing that gave us our first official peek at Unity’s financial inner workings, namely that the company has been operating at a loss for at least 2018 and 2019 when it reported net losses of $131.6 million and $163.2 million, respectively.
CNN does note however that many recent tech companies making their Wall Street debut have yet to reach profitability, and Unity’s own CFO affirms that the company is inching toward profitability and that they “see longer term that this can be a very high gross margin and profitable business."