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Online game platform Roblox said Monday that on a confidential basis it had submitted a draft registration statement to the Securities and Exchange Commission for a public offering of common stock.
The San Mateo, Calif., company said it hasn’t determined the number of Class A common shares it will sell and at what price.
Roblox said it intends to commence the public offering following completion of the SEC review.
The company is aiming for a public valuation of about $8 billion, Reuters reported earlier this month.
That would double the $4 billion valuation it got in a $150 million fundraising round in February led by venture capital firm Andreessen Horowitz. The VC firm said in February that the platform reached more than 115 million monthly users.
The company hosts millions of games that are built by its users, who then get a share of any related revenue.
“Roblox is powered
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- Roblox is currently valued at $4 billion
- It raised $150 million in series G funding in February
- Roblox has more than 100 million monthly active users
Gaming platform Roblox is getting ready to go public on the U.S. stock market early next year, a move which may double its current valuation of $4 billion, Reuters reported.
The gaming company is in talks with investment banks to gauge whether it should debut on the market through a conventional initial public offering (IPO) or a direct listing, the report quoted sources as saying on the condition of anonymity. The company declined to comment to Reuters.
In an IPO, shares are created, underwritten an sold to the public, while in a direct listing, outstanding shares are sold with no underwriters involved. This is a rare method, which does not dilute the ownership of existing stakeholders.
This week, software maker Asana (NYSE:
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By Anirban Sen, Joshua Franklin and Krystal Hu
(Reuters) – Roblox Corporation is working with investment banks to prepare for a U.S. stock market listing that could come early next year and which the online gaming platform expects could double its recent $4 billion valuation, people familiar with the matter said.
U.S. demand for video games has surged as consumers seek home entertainment while living under lockdown measures to curb the spread of the novel coronavirus.
U.S. consumer spending on video gaming hit a record $11.6 billion in the second quarter, up 30% on the year-ago period, according to research firm NPD Group.
Roblox is weighing whether to go public through a traditional initial public offering or a direct listing, the sources said, cautioning that the plans are subject to market conditions.
The sources requested anonymity as the plans are private. Roblox declined to comment.
In a direct listing, no
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Alex Hicks. Alex Hicks
In 2010, Alex Hicks released his first video game on Roblox. Ten years later, he’s made more than $1 million a year as the owner of game development studio RedManta, which creates games for the popular kids platform and has since generated nearly one billion plays combined.
After several software engineering internships at Roblox, Hicks developed a solid understanding about game design, developer toolsets, and operations — a skill set that led him to quit college and develop games full time.
Now, he shares with Business Insider how embracing Roblox’s communities and focusing on efficiency helped him reach the million-dollar revenue mark in 2020.
“[A]t this point I’m feeling I’m much farther ahead than many of the people I know who graduated with game design degrees,” Hicks said.
Video: Corsair CEO: Coronavirus Pandemic Has Brought More People Into Gaming (TheStreet)
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- 24-year-old Alex Hicks is the owner of game development studio RedManta, which creates games for the popular kids platform Roblox.
- Roblox is rising in popularity as tweens find ways to stay entertained from home, and many young developers like Hicks are making millions off the platform.
- Hicks dropped out of college after interning at Roblox for several years and earning $100,000 in revenue in a single month from one of his games.
- He said embracing Roblox’s community of players, developers, and designers and focusing on efficiency helped him reach the million-dollar revenue mark in 2020.
- Visit Business Insider’s homepage for more stories.
If you have a kid under the age of 16, then you’ve probably heard of Roblox. The online game creation platform that launched 14 years ago has recently become a daily fixture in households with tweens since the pandemic started last March, as kids (and their parents) search