Tag: preparing

02
Oct
2020
Posted in technology

Gaming Giant Roblox Preparing To Go Public Early 2021, Eyes $8 Billion Valuation: Report

KEY POINTS

  • Roblox is currently valued at $4 billion
  • It raised $150 million in series G funding in February
  • Roblox has more than 100 million monthly active users 

Gaming platform Roblox is getting ready to go public on the U.S. stock market early next  year, a move which may double its current valuation of $4 billion, Reuters reported.

The gaming company is in talks with investment banks to gauge whether it should debut on the market through a conventional initial public offering (IPO) or a direct listing, the report quoted sources as saying on the condition of anonymity. The company declined to comment to Reuters.

In an IPO, shares are created, underwritten an sold to the public, while in a direct listing, outstanding shares are sold with no underwriters involved. This is a rare method, which does not dilute the ownership of existing stakeholders.

This week, software maker Asana (NYSE: ASAN)and big data firm Palantir (NYSE: PLTR) became only the third and fourth companies, respectively, to opt for a direct listing on the New York Stock Exchange.

Roblox, based in California and founded in 2004, offers games on all mobile devices and gaming consoles. Its most famous games include Jailbreak and Meepcity. The company boasts of about 100 million global active users on its platform, with user engagement hours crossing 3 billion. Founder and CEO Dabid Baszucki said in an interview, “It is all about allowing the content to take center stage.”

In February, Robox raised $150 million in Series G funding at a valuation of $4 billion, led by venture capital firm Andreessen Horowitz.

A very well-received market debut was another gaming platform, Unity Software, maker of hit games like Pokemon Go. Its shares have risen 60% since it went public on Sept. 18.

Video gaming is a lucrative

30
Sep
2020
Posted in technology

Exclusive: China preparing an antitrust investigation into Google

By Cheng Leng, Keith Zhai and David Kirton

BEIJING/SINGAPORE/SHENZHEN, China (Reuters) – China is preparing to launch an antitrust probe into Alphabet Inc’s Google, looking into allegations it has leveraged the dominance of its Android mobile operating system to stifle competition, two people familiar with the matter said.

The case was proposed by telecommunications equipment giant Huawei Technologies Co Ltd last year and has been submitted by the country’s top market regulator to the State Council’s antitrust committee for review, they added.

A decision on whether to proceed with a formal investigation may come as soon as October and could be affected by the state of China’s relationship with the United States, one of the people said.

The potential investigation follows a raft of actions by U.S. President Donald Trump’s administration to hobble Chinese tech companies, citing national security risks.

This has included putting Huawei on its trade blacklist, threatening similar action for Semiconductor Manufacturing International Corp and ordering TikTok owner ByteDance to divest the short-form video app.

It also comes as China embarks on a major revamp of its antitrust laws with proposed amendments including a dramatic increase in maximum fines and expanded criteria for judging a company’s control of a market.

A potential probe would also look at accusations that Google’s market position could cause “extreme damage” to Chinese companies like Huawei, as losing the U.S. tech giant’s support for Android-based operating systems would lead to loss of confidence and revenue, a second person said.

The sources were not authorised to speak publicly on the matter and declined to be identified. Google did not provide immediate comment, while Huawei declined to comment.

China’s top market regulator, the State Administration for Market Regulation, and the State Council did not immediately respond to requests for comment.

EUROPE’S EXAMPLE

The U.S.