Video game platform Roblox enters Wall Street on Wednesday

The video game creation platform Roblox, a sensation of confinement among children and young adolescents, has confirmed that it will make its entry Wednesday March 10 on Wall Street via a direct listing. The share will be listed under the symbol RBLX on the New York Stock Exchange (NYSE).

By using direct listing, as companies like Spotify, Slack or Palantir had already done, Roblox will not be able to issue new shares and therefore recover new money. But the shareholders already present in the capital – the founders, the employees and the first financiers – will be able to sell their stakes on the market and thus recover the money for themselves. The company plans to sell nearly 199 million shares.

On Wednesday evening, the NYSE released a benchmark price of $ 45 per share. This figure, which is purely indicative, does not correspond to the first listing price, which will depend on supply and demand. At the end of January, Roblox had announced a new fundraising valuing it at 29.5 billion dollars (24 billion euros).

The platform, whose popularity exploded at the height of the coronavirus pandemic, hosts games directly designed by its users and gives developers a portion of the income from online purchases. It claimed nearly 33 million daily gamers in 2020. Roblox revenue soared 82% last year to $ 924 million.

But the company, which incurs significant expenses for its IT infrastructure and data protection in addition to the remuneration of its developers, is not profitable for the moment.