As online gaming booms, Roblox wins big with its initial public listing

When the pandemic forced people indoors a year ago, many passed the time by playing games on their iPhones, building gaming computers and exploring the latest blockbuster titles on their Xbox and PlayStation consoles.

For video game companies, that has meant gushers of cash. A record $56.9 billion was spent on gaming last year in the United States, up 27% from 2019. On Wednesday, the pandemic’s booming effect on gaming was even more starkly on display when Roblox, a gaming platform aimed at children, went public.

The Silicon Valley company closed its first day of trading at $69.50 a share, rising from a reference price of $45 that was set Tuesday.