Unity Software lifted the expected pricing of its initial public offering to between $44 and $48 a share, riding on the coattails of more recent software-focused IPOs that have received a welcome reception on Wall Street.
The San Francisco company, which had been looking to price its IPO at between $34 and $42 a share, announced plans to boost its IPO pricing amid strong investor interest in IPOs, specifically software-focused ones.
Indeed, Snowflake (SNOW) – Get Report more than doubled in price Wednesday after going public. The cloud storage and computing company, which sold shares at $120 each, saw it stock more than double to $278 a share in its first hour of trading, giving it a market cap of nearly $68 billion.
Unity’s higher IPO price range puts it on track to raise as much as $1.2 billion, with a market cap of more than $12 billion.
Unity Software will trade on the New York Stock Exchange under the symbol “U.” Snowflake will also trade on the NYSE under the ticker “SNOW.”
Unity, which is well known in the gaming industry but less known in the investment world, has more recently been expanding its efforts beyond gaming platforms, focusing on interactive 3D media.
Snowflake, meantime, sells storage, computing, and cloud services to enterprises looking for efficient ways to manage data.
On Tuesday, Jim Cramer told TheStreet’s Katherine Ross that he is considering adding Snowflake to the Action Alerts Plus portfolio, forecasting that its IPO may wind up “the biggest hit of the year.”
Both Unity’s and Snowflake’s raised IPO pricings come as investors prep for a slew of software and technology IPOs, in most cases with open arms and pocketbooks.
Development operations platform JFrog and application monitoring firm Sumo Logic are also slated to make their public debuts. Data analytics firm Palantir and workforce software firm Asana are expected to go public later this month.