: Roblox funding round values tween-centric gaming platform at $29.5 billion, may go direct listing route

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Roblox Corp. RBLX said late Wednesday that it raised $520 million in a funding round that values the tween-centric gaming platform at $29.5 billion along with reports the company may go the direct listing route. Roblox said it sold shares at $45 apiece to investors led by Altimeter Capital and Dragoneer Investment Group. Also on Wednesday, Reuters reported that Roblox plans to go public through a direct listing rather than an initial public offering. Direct listings differ from IPOs because they are not backed by underwriters and current stakeholders convert their ownership into stock based on trading prices in private markets. The company first filed for an IPO in November, and reportedly told employees later that it was planning on pushing that out until 2021.
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