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Roblox now intends to go public by way of a direct listing instead of an initial public offering (IPO) as previously reported.
The lucrative game platform announced the anticipated direct listing in a brief press release, adding that the number of shares of Class A common stock to be offered by its stockholders has yet to be determined.
The company said it will commence the direct listing -- which differs from an IPO in that only existing, outstanding shares are sold without help from intermediaries -- upon completion of the SEC review process.
At the same time, Roblox also announced it has secured $520 million in fresh Series H funding. The investment round was led by Altimeter Capital and Dragoneer Investment Group, and values the company at $29.5 billion.
Roblox co-founder and chief exec David Baszucki said the latest cash injection will drive the company's various growth initiatives as it seeks to expand beyond the world of games.
"We’re thrilled to welcome Altimeter, Dragoneer and the other new investors,” commented Baszucki. "We look forward to working with all of them as we continue our mission to build a human co-experience platform that enables shared experience, from play to work, and learning among billions of users."