Roblox Has Finally Set A Date To Go Public
The company has delayed its public debut twice, rethinking its IPO.
Roblox has set a rough date for going public with a direct listing, Business Insider reports, after filing late last year. The company initially planned on an IPO last December, but that was called off in response to volatile openings by keenly-watched tech companies including DoorDash and Airbnb.
The games company now plans to go public via a direct listing around March 10, after its plan for a February direct listing was delayed by an SEC inquiry into its finances.
Roblox functions more as a platform than a game, with third-party devs able to create and release their own experiences onto the platform. It's popular with younger gamers and regularly posts impressive earnings statistics, such as lifetime revenue of over $2 billion on mobile platforms alone.
In the latest statement of its finances presented prior to going public, Roblox has shown massive growth through 2020. It reported $924 million in revenue representing a year-on-year growth of 82%, as well as 32.6 million daily active users for a year-on-year growth of 85%.
Roblox was one company that benefited from 2020's lockdowns and social distancing measures, with social events held on its platform including concerts from Billie Eilish, Lizzo, and even the debut of a Lil Nas X single to 30 million viewers.
Roblox will trade under RBLX, with its direct listing due to offer shares in the company to the public from March 10, or thereabouts.