U.S. gaming platform Roblox Corporation files for IPO

In a statement U.S. gaming platform Roblox Corporation said, it has confidentially filed for a IPO with the Securities and Exchange Commission. The development could potentially see the company doubling its recent valuation of $4 billion.

Roblox did not respond to requests for comments on whether it has selected the traditional route for its IPO or a direct listing.

The development comes at a time when demand for video games and home entertainment systems are surging in the United States with consumers continuing to live under lockdowns because of the coronavirus-induced COVID-19 pandemic.

According to researcher NPD Group, U.S. consumer spending on video gaming hit a record $11.6 billion during the second quarter, up by 30% from a year ago.

Roblox’s platform offers a host of different games across gaming consoles and mobile devices.

The company operates a freemium model in which users can make in-game purchases.

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