Securities and Exchange Commission for a traditional IPO. Roblox had said earlier that it filed a confidential draft registration statement with the U.S. “We look forward to working with all of them as we continue our mission to build a human co-experience platform that enables shared experience, from play to work, and learning among billions of users.” “We’re thrilled to welcome Altimeter, Dragoneer and the other new investors,” said Roblox CEO David Baszucki in a statement. The company will use its proceeds to grow itself and build a “human co-experience platform that enables shared experiences among billions of users.” Roblox sold its shares in a Series H funding round at $45 per share to Altimeter Capital and Dragoneer Investment Group.

It saves on underwriter fees, and companies that follow the direct listing process can avoid restrictions such as lockup periods that prevent insiders from selling their shares for a defined period of time. This enables the San Mateo, California-based company’s existing shareholders (investors, employees, and executives) to float its shares on an exchange without hiring investment banks to underwrite the transaction as an IPO.

Securities and Exchange Commission said it would permit companies to raise capital through direct listings.

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