Unity stock surges in IPO debut — ‘This is not a normal company,’ CEO says

The software IPO market remained hot Friday as Unity Software Inc. shares headed higher in their public debut.

Unity, which makes software tools used by videogame designers, raised at least $1.3 billion at a valuation of $13.7 billion through the offering by selling 25 million shares. Underwriters have the option to purchase about 3.8 million additional shares, which could increase the amount that Unity rakes in from its public-market debut. The company fetched a $6 billion private-market valuation back in July 2019.

Unity is calling its offering a “UPO,” which the CEO said is illustrative of its egalitarian corporate culture.

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