Roblox Video Game – After experiencing several delays, video game developer Roblox Corp has confirmed that it will carry out public registration on March 10, 2021. This step was taken because of the increasing need for online entertainment.
Video Game Developer Roblox Corp.
The video game developer based in California plans to hold an IPO last year. However, trading at that time was still focused on Airbnb and Doordash so it was difficult to determine the exact value of the shares.
Early January this year, Roblox just received new funds amounting to USD520 million or equivalent to Rp.7.2 trillion. Even though they received funds, they changed their strategy from an IPO plan to a DPO
Roblox Corp Without Hiring an Investment Bank
On December 22, the US Securities and Exchange Commission gave permission for companies to raise capital through the live listing. This allows the company’s shareholders to place their shares on the exchange without hiring an investment bank to secure the transaction as an IPO.
This step is believed to save underwriters’ costs, and companies that follow the direct listing process can avoid restrictions, such as periods that prevent people from selling shares for a certain period of time.
Roblox sold its shares in a Series H funding round at a price of USD45 per share to Altimeter Capital and Dragoneer Investment Group. The company said it will use the proceeds to develop itself and build a platform that allows billions of users to share experiences.
Roblox, founded in 2004. They are known as a platform with tens of millions of free online games. The company’s user base has surged since the pandemic as many people choose to waste time and seek entertainment online. There were currently nearly 33 million daily active users last year, up from about 18 million the previous year.
Roblox Key Features
One of the features that Roblox likes is that game development is outsourced to the players. These players, especially teenagers and preteens, will in turn become famous and earn most of their income from their jobs.
Roblox will use the RBLX symbol on the NYSE. Apart from Roblox, several other technology companies are also planning an IPO. Among them are Spotify Technology SA and Slack Technologies.