Zynga tests IPO waters with $7 billion target

Zynga is poised to fling itself into a public market that has recently turned cold toward its peers: a crop of Web companies with lots of buzz but fledgling business models.

Zynga, the creator of the -Ville social gaming franchise, filed in July for its IPO, but updated paperwork on Friday indicated that its offering is imminent. Zynga is looking to price its shares between $8.50 and $10 each. Pricing at the top of that range would give Zynga a valuation of around $7 billion.

But here's a sign of the chill hitting tech stocks: Even $10 a share is significantly below the $17.20 per share valuation Zynga used for a recent round of stock grants. As of August 2011, Zynga's outside consultants estimated the company's worth at $14 billion.

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- Posted: 2011-12-02 11:10:28

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