Roblox, the hit gaming platform for tweens, files for its IPO as usage skyrockets amid the pandemic

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Roblox, a Silicon Valley-based social gaming platform for tweens and teens, on Thursday filed for a $1 billion initial public offering.Why it matters: Roblox was big business before the pandemic, but really skyrocketed once kids were stuck at home due to the coronavirus outbreak.Financial details: Roblox reports $206 million of losses on $589 million in revenue for the first nine months of 2020, compared to $46 million in losses on $350 million for the same period in 2019. Free cash flow was $292.6 million for the nine-month period in 2020, up from just $6 million in the 2019 period and $49.5 million for all of 2018 and 2019 combined.Usage: The company reports 31.1 million daily active users, and 22.2 billion engaged hours during the first three quarters of 2020.Investors: The company has raised $335 million since its 2004 founding, most recently this past February at a $4 billion valuation. Backers include Altos Ventures, First Round Capital, Meritech Capital Partners, Andreessen Horowitz and Index Ventures. Listing details: Roblox plans to list on the New York Stock Exchange under ticker symbol RBLX, with Goldman Sachs and Morgan Stanley as lead underwriters.

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