The American online game platform Roblox wants to be listed on the New York Stock Exchange. The company wants to profit from the increasing popularity that its platform has experienced in recent months. In addition, with the operation, Roblox hopes to be able to duplicate the recent successful IPOs of a number of other digital companies.
Roblox has seen the number of users increase sharply during the corona crisis. After all, families often reach for games during lockdowns.
Especially with younger children, Roblox appears to enjoy great popularity. During the first nine months of last year, Roblox could count on an average of 31 million active users per day. That was an increase of 82 percent compared to the same period the year before.
Based in San Mateo, California, Roblox offers its audience the opportunity to program and play games designed by other users.
The IPO will be carried out with a direct listing. This means that no additional shares will be offered, but existing shareholders will have the opportunity to liquidate their shares through the new listing. Roblox compares itself to a number of examples. After all, Spotify and Palantir had followed the same successful strategy during their IPO.
Roblox has had the intention to take a stock exchange listing for some time. However, those plans were shelved in December. David Baszucki, CEO of Roblox, emphasized that a number of adjustments had to be made to those exhibition plans. According to observers, Roblox hoped to increase its issue price.
Baszucki is said to have referred to housing rental company Airbnb and meal delivery company DoorDash, who recently reported particularly successful IPOs. Roblox also announced it had raised $ 520 million in a capital operation. The company is now worth approximately $ 29.5 billion.
Roblox was founded seventeen years ago by David Baszucki and Erik Cassel. Their platform allowed users to build rudimentary games with simple characters. However, the duo had been working together for some time. By the end of the 1980s they had already launched the Interactive Physics laboratory.
Up to the end of September last year, developers had already developed more than 18 million different games for Roblox.
Roblox shares the revenue with its developers, often teenagers or young adults. Over a twelve-month period to September last year, more than 960,000 developers received compensation in Robux, a Roblox virtual currency convertible into current currency.
When Robux is converted into other currencies, Roblox receives a commission of 30 percent. Last year, Roblox had 1,050 developers who had made more than $ 10,000, while 250 people reported more than $ 100,000 in revenue.
Roblox reported a loss of $ 203.2 million for the first nine months of last year, versus a negative result of $ 46.3 million in the same period the year before.