Online game platform Roblox said Monday that on a confidential basis it had submitted a draft registration statement to the Securities and Exchange Commission for a public offering of common stock.
The San Mateo, Calif., company said it hasn’t determined the number of Class A common shares it will sell and at what price.
Roblox said it intends to commence the public offering following completion of the SEC review.
The company is aiming for a public valuation of about $8 billion, Reuters reported earlier this month.
That would double the $4 billion valuation it got in a $150 million fundraising round in February led by venture capital firm Andreessen Horowitz. The VC firm said in February that the platform reached more than 115 million monthly users.
The company hosts millions of games that are built by its users, who then get a share of any related revenue.
“Roblox is powered by a global community of over two million developers who produce their own immersive multiplayer experiences each month using Roblox Studio,” the company said on its website.
“Our popularity is driven purely by the community with millions of people signing up through word of mouth every month.”
Roblox, which was founded in 2004, said that two-thirds of all U.S. kids 9 to 12 years old use the platform.
In July, Roblox said its developer community was on pace to earn more than $250 million in 2020, more than double 2019’s $110 million.
David Baszucki is the company’s founder and chief executive. Prior to Roblox, he founded Knowledge Revolution, which was acquired by MSC Software in 1998.
Last month, Andrea Wong, who was most recently the president of international at Sony Corp., (SNE) – Get Report joined the Roblox board.
Video game platform Roblox has confidentially filed for an IPO, according to a company statement to Bloomberg.
The number of shares and price for the offering weren’t revealed.
Last week, Reuters reported that Roblox would seek an $8B valuation, double the valuation during a $450M private investing round in February.
Roblox makes freemium games and operates Roblox Studio, a free game creation system that competes with recently listed Unity Software (NYSE:U).
Previously: Unity competitor Roblox considering U.S. IPO – Reuters (Oct. 01 2020)