Zynga Said To Price 100M Shares At $10 In IPO |
| Bloomberg - Dec 16, 2011 |
Zynga Inc., the largest maker of games for Facebook, declined in its first day of trading after raising $1 billion in an initial public offering that gave it a greater valuation than rival Electronic Arts Inc. (ERTS)
The shares, listed on the Nasdaq Stock Market under the symbol ZNGA, fell 4.2 percent to $9.58 at 12:53 p.m. New York time. The developer of games such as “CityVille,” “FarmVille” and “Mafia Wars” sold 100 million shares for $10 each, the top end of a proposed range, Zynga said in a statement.
Zynga gets more than 90 percent of its revenue from Palo Alto, California-based Facebook Inc., and faces increasing competition from Electronic Arts, which bolstered its own online services by purchasing PopCap Games this year. Nexon Co., a Tokyo-based maker of games for Facebook including “Zombie Misfits,” slumped 15 percent this week after raising $1.2 billion in an IPO, Japan’s biggest this year.
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- Posted: 2011-12-16 12:33:12
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