Unity Software files for IPO on the New York Stock Exchange
The developer of the Unity game engine has filed for an initial public offering following an approximate 40% growth in revenue this year.
Unity Software is aiming to become a publicly traded company soon. The group behind the development of the Unity Engine in game development has filed for an initial public offering (IPO. As Unity prepares to go public, it also reports a 40% growth in revenue through this fiscal year.
Unity formally filed its IPO with the U.S. Securities and Exchange Commission on August 24, 2020, as recently reported by Bloomberg. With Goldman Sachs Group Inc. and Credit Suisse Group AG leading the IPO, Unity listed an initial deal size of $100 million, which will likely change as the group gets closer to actually going public. It is expected to appear on the New York Stock Exchange under the symbol “U”. Having been one of the major development platforms for games on PC, console, and mobile devices, Unity has recently boasted that half of the top 1000 game apps currently on Apple were designed on the Unity engine. Indeed, Unity is the foundation of a lot of our favorite titles, including the Devolver and Mediatonic recent hit, Fall Guys Ultimate Knockout.
Despite the claims to success, things haven’t been 100% peachy for Unity Software. In 2019, Unity launched a new Terms of Service, which rubbed many developers the wrong way, including leaving developers like that of SpatialOS in a legal limbo. It was a situation in which Epic Games capitalized to sway developers towards the Unreal Engine (although Epic currently finds itself in its own legal trouble). On top of this, as part of its IPO filing, Unity disclosed that it had also lost $54 million on $351 million in revenue in the six months leading up to June, as well as $67 million on $253 million in revenue during the same period in 2019.
Regardless, Unity is still reporting growth and it is expected that we will see the company go public soon. Stay tuned as we continue to follow this story with an update when that occurs.
TJ Denzer posted a new article, Unity Software files for IPO on the New York Stock Exchange