User-generated gaming platform Roblox will go public via a direct listing on March 10. The company had initially planned to debut via traditional IPO last autumn but opted instead to raise $520M at a $29.5B valuation.
- The company also reported that it lost $253.3M on revenue of $923.9M in the year ending on Dec. 31.
- Revenue grew by 82% in that time period while bookings jumped to $1.9B. Its losses also grew from $71M while the average daily active users grew from 17.6 million in 2019 to 32.6 million in 2020.
- The initial IPO plan was delayed by the SEC requiring accounting changes on the sale of virtual currency Robux, its main revenue stream. The company takes a 30% cut of the currency sales and gives the rest to its developer community.