Roblox video game platform plans to go public via direct listing next month after twice delaying its IPO

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David Baszucki, founder and CEO of Roblox, presents at the Roblox Developer Conference on August 10, 2019 in Burlingame, California. Ian Tuttle/Getty Images
  • Roblox said it plans to go public through a direct listing next month, according to a filing from the company.
  • Roblox is a video game platform that was most recently valuated at $US29.5 billion last month.
  • The firm had previously planned to go public via a traditional IPO late last year, but delayed the public debut following the volatile opening trades in several IPOs like DoorDash and Airbnb.
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Roblox has finally set its eye on a date to go public: “on or about” March 10, according to a company filing submitted to the SEC on Monday.

Roblox is an online platform that allows users to easily develop and play video games. The firm was founded in 2004 and was valued at $US29.5 billion last month after it raised $US520 million in a Series H round. A year ago, Roblox was valued at $US4 billion.

Roblox said in the SEC filing that it plans to go public via a direct listing on the New York Stock Exchange and will issue 198.9 million shares.

The firm had planned to go public via a traditional IPO late last year, but delayed the process after it saw volatile opening trades in the public debut of DoorDash and Airbnb. Roblox then planned a direct listing to take place this month, but an inquiry into its finances by the SEC pushed back the public debut once again.

That inquiry has since been resolved, with Roblox restating its finances, resulting in higher revenues and a lower net loss than previously reported. For 2020, Roblox recorded $US924 million in revenue, representing year-over-year growth of 82%. The platform averaged 32.6 million daily active users last year, representing annual growth of 85%.

Roblox will trade under the symbol “RBLX” and Goldman Sachs, Morgan Stanley, and Bank of America Securities will serve as financial advisors to the company amid the direct listing.