The latest tech company to hit the market is letting its workers hit the market, too. Unity Software (U +1.61%) said in a regulatory filing that all of its employees will be immediately allowed to sell some of the shares they have been granted in their company. Those workers are being allowed to sell up to 15% of the total vested shares in their possession.
Following its rather untraditional initial public offering (IPO), Unity debuted on the New York Stock Exchange on Friday. The latest in a clutch of recent tech IPOs feeding a market ravenous for new issues, the company's stock blasted 31% higher than its issue price.
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Unity was a hot ticket even before landing on the market; that IPO price was lifted considerably, ultimately reaching $52 per share from the previously anticipated level of $34 to $42.
The company is a fairly atypical play in the video gaming segment. Instead of being a pure developer and/or distributor, the company operates a platform that allows developers to build their own games. It's a state-of-the-art system that lets users to create their work in real time and in a 3D environment. The platform is very flexible, as it can be used by designers, engineers, and architects for projects in their respective fields.
According to Unity, its software is utilized by a total of 1.5 million monthly active "creators." By the company's estimation, over 50% of all mobile, PC, and gaming console titles have used it during their development process. While Unity is loss-making of late, its revenue has grown robustly -- in the first six months of 2020, for example, it rose by almost 40% on a year-over-year basis to more than $351 million.
