And the “hours engaged” on the platform more than doubled to 8.7 billion. And Roblox’s daily active users nearly doubled in the period ended September to 36.2 million. Roblox’s revenue for the third quarter increased 91% compared to a year earlier to $242 million. “That means lower costs to companies, which is better for employees and it means a lot more fair access to retail investors,” added Gerstner. Altimeter CEO Brad Gerstner told CNBC that “2020 is going to go down as the year the traditional IPO got disrupted.” Now companies have a menu of options including the traditional IPO route, direct listings, and going public through a special purpose acquisition company (SPAC). This round of funding was led by Altimeter Capital and Dragoneer Investment Group. Through the IPO, Roblox is going to allow existing shareholders and employees to sell stock to new investors on day one, according to CNBC.
Some of the other tech companies that also went public recently via direct listing include Spotify, Slack, and Palantir.
Roblox had filed to go public late last year. And the company also revealed that it will soon go public via direct listing. Roblox, an online gaming company for kids, announced this past week that it raised $520 million in a private funding round at a valuation of $29.5 billion.
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