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Why Roblox Stock Skyrocketed Today

TheMotleyFool

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Shares of Roblox (NYSE: RBLX) soared 54% on Wednesday, marking a successful first day of trading for the popular video game developer.

Roblox went public via a direct listing, rather than the traditional initial public offering (IPO) process. A direct listing allows a company's existing investors to sell shares directly to the public, without the need for an investment bank to underwrite the offering.

"We love the direct listing for Roblox because we're all going to come together and that first trade is going to be at the same price for everyone," Baszucki said during an interview with Bloomberg Television.

Source Fool.com

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