Roblox (RBLX) opened strong on the New York Stock Exchange on Wednesday. Shares began trading at $64.50 each, well above their reference price of $45 set by the exchange on Tuesday.
The online gaming platform went public via a direct listing, allowing current investors to sell shares. In direct listings, banks do not set an IPO price, like those seen in initial public offerings. Instead a “reference price” is used — which in this case was $45 a share. At that price, the company’s market cap…
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