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Roblox hits $38 billion market cap at end of first day on stock exchange | Pocket Gamer.biz

Games creation platform Roblox finally went public yesterday and ended the day with a $38.26 billion market cap.

That’s according to CNBC, which reports that the firm hit this market capitalisation based on the $69.50 price that the company’s stock ended the day on. The outlet reckons that Roblox is actually worth $45.3 billion.

Roblox went public via a direct listing yesterday at 13:30 Eastern Time. The New York Stock Exchange gave the firm a guidance price of $45 per share, but when it actually hit the market, stock was worth close to $70. At the time of writing, pre-market activity has Roblox shares as worth roughly $76, around a nine per cent increase.

Staying connected

“In 2004, we founded Roblox with the vision of connecting the world,” Roblox CEO Dave Baszucki (pictured) said on Twitter.

“Today, as we celebrate our direct listing on the NYSE, we recognize the potential ahead of us: to build the platform where billions of people come together to learn, work, and play.”

Later in the day, he continued: “We are deeply humbled by the overwhelming support for Roblox and our public offering today. To all those who helped us get one step closer to fulfilling our vision of the Metaverse – thank you.”

Roblox was initially set to go public in 2020 but this was bumped until 2021. At the start of this year, the company was valued at £29.5 billion.

This story first appeared on PCGamesInsider.

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