The Firm recently represented the financial advisors, consisting of Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc., in the direct listing by Roblox Corporation (“Roblox”) of 198,917,280 shares of the Company’s Class A common stock. This offering is only the fifth direct listing in the modern era and, with a market capitalization of roughly $45 billion, the largest direct listing by market capitalization ever completed. Roblox’s shares are listed on the New York Stock Exchange under the ticker symbol “RBLX”.
Roblox is a global online game platform and creation system that allows users take part in user-generated virtual experiences with friends and provides the opportunity for those users to create games and experiences for others. Roblox’s direct listing had a reference price of $45 per share, as set by the New York Stock Exchange, and closed up 54.4% at $69.50 per share on the first day of trading.
The Simpson Thacher team included Kevin Kennedy, Karen Reyes, Mary Keating and Paul Clatterbuck (Capital Markets); Andrew Purcell and Zachary Fialkow (Tax); Tristan Brown and Ashlie Lawton (Employee Benefits); and Genevieve Dorment and Corina McIntyre (Intellectual Property).