KEY POINTS
  • Unity CEO John Riccitiello, who has a long history in gaming and private equity, is taking pricing and allocation control from the bankers for his company's IPO.
  • Unity's debut is one of several different models being tested by companies that are diverging from the traditional IPO playbook.
  • In its updated prospectus last week, Unity provided a pricing range of $34 to $42, though that could increase.

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John Riccitiello

In a big week for technology IPOs, Unity Software stands out for the way it's seizing control from the bankers who are helping it go public.

Unlike the typical IPO process, which is largely controlled by lead investment banks, Unity CEO John Riccitiello has determined that his internal team will decide how the company's stock gets priced and who gets allocation, even with Goldman Sachs acting as lead underwriter, according to people familiar with the matter, who asked not to be named because the strategy is confidential.

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