The popular video game Roblox debuted on the New York Stock Exchange (NYSE) yesterday as shares skyrocketed 55%, bringing the company’s value to $45 billion almost instantly.
Shares of Roblox (RBLX) are currently trading for $69.50, with premarket trading taking the stock even higher, up $6.08 to $75.51 (8.65%). RBLX began trading at 1:30 yesterday afternoon.
This massive debut to the NYSE follows a record breaking year for Roblox, posting revenue of $925 million, with expectations for sales to increase 60% in 2021. The game has 32.6 million daily active users, and predicts it will expand to 36.4 million by the end of 2021.
Roblox was made public via direct listing, which allows for a company to make a public offer on the stock exchange without using underwriters.
Underwriters work closely with the company to help determine the price per share, as well as assisting with regulatory issues and ultimately distributing the stock via internal networks to investors.
© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.