Zynga plans its public offering
Posted on May 29th, 2011
It shouldn’t surprise any watchers of the bubbly tech and social media sector that Zynga, the maker of insanely popular Facebook games like Farmville and Cityville, is now planning its initial public offering.
A source informed Bloomberg News that Mark Pincus’ firm met with banks, including Goldman Sachs and Morgan Stanley, as it sought to find a firm to handle the offering. Zynga must have been observing the LinkedIn IPO with great interest, as the professional social network listed at $45 per share, the upper end of its range, and promptly doubled in the first day of trading.
According to Bloomberg, Zynga’s value stands at $8.2 billion on the somewhat controversial site SharesPost, which allows for limited trading of privately held firms’ stock.
That level tops the market capitalization of more traditional game publishers likeTake-Two Games, at $1.42 billion, and Electronic Arts at $7.94 billion. However, it’s still shy of Activision Blizzard, the owner of massively popular titles like World of Warcraft and Call of Duty: Modern Warfare. Activision checks in at $13.02 billion.
“I think every private company watched the LinkedIn IPO and said, ‘What if I could do that tomorrow?’” said Bing Gordon, a partner at Kleiner Perkins Caufield & Byers, on Bloomberg Television.
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Tags: Public, Public Offering
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