Gaming platform Roblox confidentially files to go public

Photo: Seam Do/Unsplash

U.S. gaming platform Roblox Corporation said on Monday it has confidentially submitted paperwork with the Securities and Exchange Commission to go public.

Reuters reported earlier this month that Roblox was seeking to go public early next year, a move that the company expects would double its recent valuation of $4 billion.

Roblox did not immediately respond to a Reuters request for comment on whether it would choose the traditional initial public offering or direct listing route to go public.

In a direct listing, no new shares are sold and underwriting banks do not weigh in on the pricing, unlike in an IPO. By not selling new shares, companies do not dilute the ownership stakes of existing shareholders and the public listing allows current investors to sell shares easily.

Roblox’s plans to go public come at a time when demand for video games and at-home entertainment has surged in the U.S. as consumers continue living under lockdown due to the COVID-19 pandemic. Streaming service provider fuboTV Inc, which went public last week, jumped 10% in its market debut.

U.S. consumer spending on video gaming hit a record $11.6 billion in the second quarter, up 30% from the year-ago period, according to research firm NPD Group.

Roblox’s platform offers a host of different games across mobile devices and games consoles. The company operates a freemium model in which users can make in-game purchases.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.