NEW YORK, Nov 20 ― Roblox Corporation yesterday disclosed its regulatory filing for an initial public offering (IPO) that showed a surge in revenue, teeing up the popular kids' gaming platform to list before the end of the year.

Roblox's revenue jumped 68 per cent to US$588.7 million (RM2.4 billion) for the first nine months of 2020, while net loss attributable to common shareholders widened to US$203.2 million compared to US$46.3 million a year earlier, its filing showed.

The IPO plan comes at a time when the demand for video games in the United States is surging as consumers seek home entertainment while staying at home to curb the spread of the novel coronavirus.

Looking to cash in on the boom in demand, several gaming firms are aiming to float their shares as US markets hover at record levels this year. Unity Software went public in September, while Playtika is gearing up to debut on the US exchanges in the coming months.

US consumer spending on video games rose 24 per cent to a record US$11.2 billion in the third quarter ended September from a year earlier and the last quarter of the year too is expected to be record-breaking, research firm NPD Group said.

Roblox, which is among the world's most popular gaming sites for children, said its daily active user base soared 82 per cent to 31.1 million in the nine months ended September 30 from the same period a year ago.

Bookings on its more platform, which offers a host of games across mobile devices and games consoles, more than doubled to US$1.2 billion.

The San Mateo, California-based company, which was founded in 2004, was valued at US$4 billion in February in a Series G funding round, led by venture capital firm Andreessen Horowitz, where it raised US$150 million.

Reuters reported in October that Roblox expects that going public would double that valuation.

The company confidentially submitted paperwork with the Securities and Exchange Commission to go public last month.

Roblox has filed for an IPO of US$1 billion, a placeholder amount that is expected to change. It plans to list on the New York Stock Exchange under the symbol “RBLX”.

Goldman Sachs, Morgan Stanley, JP Morgan, Allen & Company, BofA Securities and RBC Capital markets are the lead underwriters for the offering. ― Reuters