It really is all about supply and demand.
Unity Software lifted the expected pricing of its initial public offering to between $44 and $48 a share on Wednesday, riding on the coattails of more recent software-focused IPOs including Snowflake (SNOW) - Get Report, which began trading on the New York Stock Exchange on Wednesday well above the high end of its price range.
The San Francisco company, which had been looking to price its IPO at between $34 and $42 a share, announced plans to lift 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 boosted 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 with trade on the New York Stock Exchange under the symbol U. Snowflake will also trade on the NYSE under the ticker SNOW.
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.
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