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Roblox intends to commence the direct listing
Sport creation platform Roblox has raised $ 520 million in a brand new spherical of funding that values ​​the corporate at $ 29.5 billion.

Roblox Corporation (“Roblox”) announced that it plans to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) for a proposed direct listing of its Class A common stock. The number of shares of Class A common stock to be offered by the Company’s stockholders has not yet been determined. Roblox intends to commence the direct listing following completion of the SEC review process, subject to market and other conditions.

San Mateo, California-based Roblox is among the world’s most popular gaming sites for children and offers a host of games across mobile devices and games consoles.

U.S. demand for video games has surged as consumers seek home entertainment while living under lockdown measures to curb the spread of COVID-19.

Its announcement marked a rare example of a company publicly switching from a traditional IPO to a direct listing, an alternative route to public markets that some backers argue is more efficient and results in a fairer price for a company’s shares.

Roblox had originally filed for an IPO that advisers expected to occur before the holiday season last year. But it later changed course after the tech groups Airbnb and DoorDash experienced large first-day trading “pops” in early December, delaying the listing to 2021.

In a direct listing, no shares are sold in advance, as is the case with IPOs. The company’s share price in its market debut is determined by orders coming into the stock exchange. Advocates argue it is a better to way to price new stock than an IPO.

This new $ 520 million Sequence H spherical was led by Altimeter Capital and Dragoneer Funding Group, with Warner Music Group and Funding Group of Santa Barbara additionally taking part. This new valuation of $ 29.5 billion is seven occasions greater than the valuation of $ four billion that Roblox attracted in February 2020 when it finalized its Sequence G funding spherical.

Unlike in an IPO, companies have not traditionally raised any money through direct listings.

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