In the morning news on March 10, according to reports, the New York Stock Exchange has set a direct listing reference price of US$45 for online game company Roblox. Roblox initially planned to go public through a traditional IPO, but ultimately chose a direct listing.

 
 

Due to the direct listing method, Roblox did not raise any financing in this transaction, but its stock will begin trading on Wednesday. Like the previous direct listing, the company will not issue new shares at a fixed price, but will allow existing investors to sell shares directly upon demand after the transaction begins.
 
But the exchange needs to set a reference price for this type of transaction. Unlike the standard IPO issue price, the reference price is not a direct indicator of the company's market value. But people familiar with the matter said that based on a stock price of $45, the company's corresponding market value is about $30 billion.
 
Only a few companies have adopted direct listings before, including Peter Thiel's Palantir Technologies and the software company Asana, which went public in September last year. Streaming music service Spotify and workplace instant messaging service Slack Technologies were also directly listed in 2018 and 2019.
 
Roblox is headquartered in San Mateo, California. Due to the new crown epidemic forcing students to study and play at home, the company's revenue and users have achieved growth. Roblox completed a US$150 million financing round led by Andreessen Horowitz in February 2020, with a valuation of US$4 billion.
 
In the nine months ended September 30, Roblox had a consolidated net loss of US$197 million and revenue of US$614 million.
 
Although it does not require hiring investment banks as underwriters like IPO transactions, the company also consulted Goldman Sachs and Morgan Stanley about listing matters. The document shows that the company's code after listing is RBLX.
 
More and more companies have opted for direct listings to go public, such as Spotify Technology SA SPOT, +5.90%, Asana Inc. ASAN, +10.65%, and Palantir Technologies Inc. PLTR, +7.73%. Grocery-delivery company Instacart is reportedly considering the direct-listing route while Coinbase Global Inc. has already announced its intentions.
 
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