Unity Software (NYSE: U) made its public debut on Friday, the latest in a string of high-profile initial public offerings (IPO) this week involving tech companies. The stock initially jumped more than 46% above its final offering price, in a scene that's been played out with each of its peers this week.
The specialist in video game engines first priced its shares in a range of $34 to $42, but in light of substantial interest by investors, raised the offering price to a range of $44 to $48. Unity eventually bumped the opening stock price to $52 on the eve of its IPO, up 37% from the midpoint of its initial range, and the company could have asked for more. The stock soared 35% to above $70 per share at the start of trading, and closed out the trading day at $68.88, more than 32% above its debut price.