US gaming platform to delay IPO

It is working with advisers to improve process to benefit employees, investors

WASHINGTON:

US gaming platform Roblox Corp has put off its planned initial public offering (IPO) until next year as it works with advisers to improve the process to benefit employees and investors, the company told employees in a memo seen by Reuters. “We have seen companies take innovative approaches to creating a more market-based relationship between investors and companies,” Roblox Chief Executive David Baszucki said in the memo on Friday. “We have decided to take this opportunity to work with our advisors to see how we can make such improvements.” Baszucki said the company expects to list early next year. The San Mateo, California-based firm had filed to raise $1 billion through an IPO on the New York Stock Exchange and was expected to join a year-end IPO wave.

Published in The Express Tribune, December 13^th, 2020.

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