Games platform Roblox has confidentially handed over paperwork to the US Securities and Exchange Commission (SEC) to go public.
The price of the Class A common stock is yet to be determined, although should certain conditions such as the market permits it, Roblox will go ahead with its public offering after the SEC has reviewed it.
Earlier this month, it was reported that the US-based company was considering an IPO which would increase its valuation to $8 billion - double what it's worth now.
It remains unknown as to whether or not Roblox will go with a direct listing or a traditional IPO. If the company chooses the former, new shares will not be sold. Moreover, underwriting banks will have no impact on stock prices.
On the up
Back in February, the games platform increased its valuation to $4 billion following a Series G funding round, in which it raised $150 million.
Furthermore, developers on the platform are expected to bring in around $250 million this year. Meanwhile, Roblox’s mobile front continues to prove successful as it hit $1.5 billion in revenue in June.