HomeLatest PostGamingUS Gaming Firm Roblox Goes Public, Wins Wall Street Surging 54 Percent...

US Gaming Firm Roblox Goes Public, Wins Wall Street Surging 54 Percent On the First Day

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Roblox is an online game platform and game creation system that allows users to program games and play games created by other users. The game has seen massive growth in the current pandemic as gamers loved this game.

Now after winning over children around the world and became a pandemic hit, the game tried to give a shot at the Wall Street. The company went public on Wednesday at a reference price of $45, which valued it at $45 billion.

The company chose to go public via via the direct listing route, thereby avoiding IPO hassles and underwriter fees. The company’s shares listed under the symbol RBLX on the New York Stock Exchange.

On the first day itself the stock showed a surge of 54 percent to $69.50. Roblox co-founder David Baszucki  has made the most from the online gaming platform. His stake in the company is now worth about $3 billion based on pricing for its direct listing Wednesday, according to Bloomberg reports.

“We are deeply humbled by the overwhelming support for @Roblox and our public offering today,” co-founder and chief executive David “Builderman” Baszucki said in a tweet.

“We recognize the potential ahead of us: to build the platform where billions of people come together to learn, work, and play.”

“In an incredibly challenging year, Roblox became a crucial place for people to come together,” Baszucki said in a blog post.

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