Less than a month after delaying an IPO, Roblox says it now plans to go public through a direct listing.
The move comes after the user-generated gaming platform raised $520 million in a Series H funding round. Roblox is now valued at $29.5 billion — up significantly from its $4 billion valuation last February.
The lead investors were Dragoneer Investment Group and Altimeter Capital, a recent investor in apparel resale platform StockX. Warner Music Group reportedly made an eight-figure investment. The record company previously partnered with Roblox to host virtual concerts.
Roblox filed with the SEC for an IPO on Nov. 19, and expected to raise $1 billion. But in December, the company postponed the plan as it looked to raise its IPO price.
Roblox had 31.1 million daily active users and generated $589 million in revenue through the first three quarters of 2020, up 82% and 68%, respectively, from the same period in 2019.
The platform’s games are regularly played by an estimated 75% of children aged 9-12.