Roblox, the platform for user-generated games, will go public through a direct listing of its shares on March 10. The company also reported that it lost $253.3 million on revenues of $923.9 million for the year ended December 31.
The San Mateo, California-based company original planned for an initial public offering last fall, but it postponed that plan and raised $520 million in funding from private sources instead at a valuation of $29.5 billion. And now it shifted plans from an IPO to the direct listing, where the company’s shareholders will sell shares but the company itself will not raise any new capital.
The announcement comes at a time when the game industry is one of the few economic sectors that is doing well during the pandemic. Game engine maker Unity raised $1.3 billion at a $13.6 billion valuation in an IPO on September 18, even though it is losing