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Company News

UPDATE 1-Unity Software upsizes IPO, looks to raise up to $1.2 bln

(Adds details on regulatory filing)

Sept 16 (Reuters) - Unity Software Inc has upsized its initial public offering and is looking to raise as much as $1.2 billion, a regulatory filing showed on Wednesday.

Sequoia-backed Unity, which develops software used to design video games, set a price range between $44 and $48 a share, up from the previous range of $34 to $42 apiece.

Unity’s IPO is part of a wave of stock market listings from Silicon Valley tech companies, as startups look to ride on the rebound in demand for new stocks after the COVID-19 pandemic put several debuts on hold earlier during the year.

Sequoia Capital is Unity's largest shareholder with a 24.1% stake, while private equity firm Silver Lake owns an 18.2% holding, according to the filing. (bit.ly/33wxJI5)

Unity will trade on the New York Stock Exchange under the symbol “U”.

Goldman Sachs & Co and Credit Suisse are the lead underwriters for the IPO. (Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)

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