The company is hitting the public market following a year of dramatic growth as kids, who were forced to stay home during the pandemic, spent more time playing games. "That means lower costs to companies, which is better for employees and it means a lot more fair access to retail investors," said Gerstner. Roblox, however, is raising capital before its listing.īrad Gerstner, Altimeter's CEO, told CNBC the day after the SEC rule change in December that "2020 is going to go down as the year the traditional IPO got disrupted." He said companies have a menu of options now, whether it's the traditional IPO, a direct listing or through a special purpose acquisition company (SPAC). Roblox's announcement comes just about two weeks after the SEC approved a rule allowing companies to raise primary capital at the same time as their market listing. In a filing, Roblox indicated it still plans to raise an additional $30 million. The financing round, led by Altimeter Capital and Dragoneer Investment Group, values Roblox at $29.5 billion, an increase of more than sevenfold from its last funding in February 2020. It's one of several ways companies are exploring to reach the public market as an alternative to the traditional IPO, which has been criticized as a handout to new investors at the expense of longtime insiders and employees. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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