Roblox delays IPO as claim weighs on timing

Roblox Corp. told employees it would postpone its initial public offering until next year, with another IPO candidate, Affirm Holdings Inc., weighing a similar move, people familiar with the matter said.

Affirm, a provider of installment loans to online buyers, had attempted to go public this month, but his plans could now move on to next year as he is still working on clearance from the US Securities and Exchange Commission. -United, according to people, who asked no. to be identified because the matter is not public.

The San Francisco-based company still has a window to start selling shares this year, two people said. No final decision has been made and the timeline could change, they added.

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For Roblox, the online video game platform seeks to improve the process when it comes to employees, shareholders and future investors, according to a memo from CEO David Baszucki seen by Bloomberg.

“As such, we have decided to take this opportunity to work with our advisors to see how we can make such improvements,” he said, without being more specific about the changes he is looking for. “This work will continue over the holidays and therefore we expect our registration to take place early next year.”

Both companies declined to comment.

Roblox, based in San Mateo, Calif., Filed for its IPO last month, in a bid to capitalize on a sales surge fueled by a pandemic and the growing popularity of its platform.

Affirm also filed for the stock exchange in November, and the SEC’s delay comes as it joins a wave of consumer-oriented tech companies planning to list by the end of the year. Airbnb Inc. and DoorDash Inc. soared in their trading debuts last week as the S&P 500 index hit a new high.

More than 6,500 merchants use Affirm’s platform, including home-based exercise company Peloton Interactive Inc. Affirm has also expanded its business, announcing earlier this month plans to buy PayBright in Canada for $ 340 million. Canadian dollars ($ 266 million). The acquisition may have contributed to the SEC’s delay in responding, one of the people said.

Dow Jones earlier reported the delays in the IPO.

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About Douglas Mackenzie

Douglas Mackenzie

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