Roblox shares soar 54% in NYSE debut, valued at $45.2 billion

Shares of US gaming company Roblox Corp closed at $69.47 in its New York Stock Exchange trading debut, up by 54.4 percent from the reference price of $45, valuing the company at $45.2 billion.

The San Mateo, California-based Roblox opened at $64.5 and ended trading, up and based on where its stock had been trading in less liquid private markets.

Roblox CEO Executive David Baszucki said that going public can bring awareness to their company, safely show their financials, show the value of what they’re doing.

The gaming company went public through a direct listing rather than a traditional initial public offering, which meant it did not sell any shares in advance of its market debut.

Roblox is among the world’s most popular gaming sites for children and offers a host of games across mobile devices and gaming consoles.

The company benefited from US demand for video games surging last year as consumers, amid lockdowns to curb the spread of the new coronavirus, sought home entertainment.

The company is expanding into other countries and is also making inroads with older users, passing the phase where more people over the age of 13 will be on the platform than under 13, Baszucki said.