US gaming site Roblox valued at US$30 billion, plans direct listing instead of IPO

Roblox has raised around US$520 million in a private fundraising round led by Altimeter Capital and Dragoneer Investment Group

It now aims to go public through a direct listing instead of an initial public offering as originally planned

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San Mateo, California-based Roblox is among the world’s most popular gaming sites for children and offers a host of games across mobile devices and games consoles. Photo: AFP

Published: 9:33am, 7 Jan 2021Updated: 9:33am, 7 Jan 2021

Roblox Corp said on Wednesday it aims to go public through a direct listing, instead of an initial public offering (IPO) as originally planned, and has raised new funding in a deal that values the US gaming platform at nearly US$30 billion.

In a statement, Roblox said it had raised around US$520 million in a new Series H private fundraising round led by Altimeter Capital and Dragoneer Investment Group.

The funding round valued Roblox at US$29.5 billion, more than seven times the US$4 billion the company was valued at in its Series G round 11 months ago.

San Mateo, California-based Roblox is among the world’s most popular gaming sites for children and offers a host of games across mobile devices and games consoles.

US demand for video games has surged as consumers seek home entertainment while living under lockdown measures to curb the spread of Covid-19.

Roblox’s plans to switch to a direct listing were reported earlier by Reuters.

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