Shares of U.S. gaming company Roblox soared in its trading debut on the New York Stock Exchange Wednesday, valuing the company at more than $45 billion.
The California-based company is among the world’s most popular gaming sites for kids and offers a host of games across mobile devices and gaming consoles.
The company’s stock ended trading at about $69, up from the reference price of $45 per share set this week.
Roblox opted to go the direct listing route rather than a traditional initial public offering. This means the company did not sell any shares in advance of its market debut, as is the case with IPOs.
The gaming company has benefited from demand for video games surging in the U.S. last year as consumers, amid lockdowns, sought to have fun at home.
But is it only for kids?
Well, the company says it's also making inroads with older users and that its passing the phase where more people over the age of 13 will be on the platform than under 13.