Roblox filed for an initial public offering

Robloxian Highschool Gems Online video-game company Roblox Corp. filed for an initial public offering aiming to capitalize on a pandemic-fueled sales surge and the growing popularity of its platform.

Roblox announced in July that it had more than 150 million monthly active users on its platform which topped the latest numbers from a similar game “Minecraft.” Microsoft Corp.’s MSFT -0.38% Xbox division announced in May that 126 million people were playing that title each month.

Roblox also offers tools for developers and said in July that its developer community was on Robloxian Highschool Coins pace to earn $250 million in 2020 up from $110 million in 2019.

The Roblox platform offers a number of different games on mobile devices and game consoles. The company operates a freemium model in which users can make in-game purchases.

Roblox became a fever among the younger crowd. According to the company about 75% of American children aged 9 to 12 play Roblox regularly with friends. During the pandemic children flocked to Roblox to host virtual birthday parties and other in-game events that were no longer safe to be held in person.

Despite these good indicators the company fails to achieve profitability. The one which has raised $ 335 million since its creation continues to widen its losses amounting to $ 206 million since last January against $ 46 million at a comparable period. “It is possible that we will never achieve profitability” notes lucid Roblox in its IPO document.

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