The direct listing is not underwritten, but Goldman and Morgan Stanley are serving as financial advisors. The San Mateo, CA-based company plans to list on the NYSE under the symbol RBLX. Update - Roblox decided to go the private route with a 500M raise from Altimeter and Dragoneer at a 30B valuation or about 50 per share (middle of my range). J08:47 am EDT Written by Demitri Kalogeropoulos for The Motley Fool -> Roblox (NYSE: RBLX) stock has returned to Wall Streets good graces in 2023 as investors turn their attention. Roblox was founded in 2004 and booked $761 million in sales for the 12 months ended September 30, 2020. Roblox did not provide preliminary 4Q20 results, but with the listing tentatively scheduled for March, it will need to file its audited results for fiscal 2020 before going public. The average Roblox price target is 43.67, implying upside. Out of 18 analyst ratings, there are 11 Buys, four Holds, and three Sells. As restated, revenue during the 9mo20 increased 70% y/y, compared to a 68% increase in the company's previous filing. Turning to Wall Street, RBLX stock comes in as a Moderate Buy. Bookings was unchanged, while revenue and cost of revenue both increased 3-4% across all periods presented. The restatements did not have a material impact on the company's financials. The company is now expected to list sometime in March.
The company had planned to list in February, before the SEC asked it to revise its revenue recognition around the purchase of in-game currency. Roblox originally filed for a $1 billion IPO in November 2020, but instead raised private capital at a $29.5 billion valuation in January 2021 and re-filed its registration documents for a proposed direct listing on the NYSE. Roblox, an online platform where users can develop and play video games, reported its restated financial results for the nine months ended September 30, 2020, in an amendment filed with the SEC on Thursday.
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