The IPO plans comes as U.S. demand for video video games ramps up with customers searching for house leisure amid lengthy intervals of house confinement throughout coronavirus lockdowns.

Roblox’s income jumped 68% to $588.7 million for the primary 9 months of 2020, whereas web loss attributable to widespread shareholders widened to $203.2 million in contrast with $46.three million a 12 months earlier, the submitting confirmed.

Roblox amortizes income from gross sales on its platform over the length of its paying consumer accounts, which is round two years. Roblox’s gross sales within the first 9 months of 2020 totaled $1.24 billion, up 170% on a 12 months earlier.

Seeking to cash in on the growth in demand, a number of gaming companies are aiming to drift their shares as U.S. markets hover at document ranges this 12 months. Unity Software program U.N went public in September, whereas Playtika is gearing as much as debut on the U.S. exchanges within the coming months.

U.S. shopper spending on video video games rose 24% year-on-year to a document $11.2 billion within the third quarter, analysis agency NPD Group stated.

Roblox, which is among the many world’s hottest gaming websites for youngsters and affords a number of video games throughout cellular units and video games consoles, stated its every day lively consumer base soared 82% to 31.1 million within the 9 months ended Sept. 30 from the identical interval a 12 months in the past.

The San Mateo, California-based firm, which was based in 2004, was valued at $four billion in February in a Collection G funding spherical, led by enterprise capital agency Andreessen Horowitz, during which it raised $150 million.

Reuters reported in October that Roblox expects a public itemizing would double that valuation. The corporate confidentially submitted paperwork with the Securities and Alternate Fee to go public final month.

Roblox has filed for an IPO of $1 billion, a placeholder quantity that’s anticipated to alter. It plans to record on the New York Stock Alternate below the image “RBLX”.