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United States online games developer Roblox Corporation has reportedly put its IPO (initial public offering) on hold until 2021. The company is working with its advisers in order to enhance the IPO process to benefit its investors as well as its employees.
For those uninitiated, the California-headquartered Roblox Corporation has filed to secure around USD 1 billion through an initial public offering on the New York Stock Exchange, joining the year-end IPO wave. However, following the recent developments, the company is now likely to be listed by early 2021.
Roblox reportedly expects to achieve a higher IPO pricing after witnessing two American firms Airbnb Inc. and DoorDash registered a spike on their first day trading. In fact, DoorDash has secured over USD 3.4 billion, while its stock price rose by 92% during the first day itself, while Airbnb recorded a whopping 142% in its USD 3.5 billion IPO.
David Baszucki, Chief Executive at Roblox Corp., was reported saying that other companies employ innovative strategies while developing a market-based relationship among businesses and investors. Hence, Roblox has planned to work with its advisers to make better improvements during and post the IPO.
It is also worth mentioning that earlier, Roblox had touted plans of a direct listing, in which current investors sell their respective shares instead of using investment banks as a primary fund source. However, the company chose to opt for the IPO route instead, sources claimed.
In similar developments, Affirm Holdings, another California-based fintech company has also planned to postpone its initial public offering. The company, which has been marketing its shares to relevant investors for a December listing, has now reportedly postponed going public until January 2021.
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