Roblox revives plans to go public

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By Reuters Staff

(Reuters) – Video game platform Roblox Corp revived plans to go public and said it expects its shares to start trading on the New York Stock Exchange on March 10, according to a regulatory filing on Monday.

The company had postponed plans to go public through a direct listing because of the U.S. Securities and Exchange Commission’s scrutiny of how it recognizes revenue in its finances, Reuters reported in January.

The delay was a setback for one of the most eagerly anticipated U.S. public market debuts of this year, and came after Roblox last year put off listing until 2021 as it worked with advisers to improve the process to benefit employees and investors.

The company ended up switching gears and said it would look to go public through a direct listing instead of an initial public offering.

Roblox, among the world’s most popular gaming sites for children and which offers a host of games across mobile devices and games consoles, was valued at $29.5 billion in a fundraising round in January.

The company has benefited from a surge in the popularity of video games during the COVID-19 pandemic.

Roblox will list its class A common stock on the New York Stock Exchange under the symbol “RBLX”.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

Reuters

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