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After delaying its IPO, video game company Roblox Corp. Now announces that it will hold a direct listing of its shares on March 10, a move that comes at a time of increased demand for home entertainment and online social experiences.
Roblox, based in San Mateo, Calif., Originally planned an initial public offering last year, but held back after company officials ruled that Airbnb Inc.’s strong business start-up. and DoorDash Inc. made it too difficult to determine the right price for its shares.
In January, Roblox announced a change of course, claiming to have gone for direct listing. He also said he raised more than half a billion dollars for a valuation of $ 29.5 billion for the company, a seven-fold increase from a funding cycle of less than a year earlier.
However, Roblox’s listing plans ran into another glitch earlier this month when the Securities and Exchange Commission called for changes to how it represented the sale of the virtual currency called Robux. The company said those issues have since been resolved.
Roblox, founded in 2004, creates a free online platform with tens of millions of games. The company’s user base soared during the pandemic, as home orders meant more people were spending time online. It had nearly 33 million daily active users last year, up from around 18 million the year before.
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