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Zynga files for $1 billion IPO
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  • Zynga files for $1 billion IPO

Zynga files for $1 billion IPO

FP Archives • July 1, 2011, 22:28:14 IST
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[caption id=“attachment_35358” align=“alignleft” width=“380” caption=“The company had $100 million in revenue in 2010. Getty Images”] ![Getty Images](https://images.firstpost.com/wp-content/uploads/2011/07/dollar-getty.jpg "dollar-getty") [/caption] Zynga Inc, the latest in a series of hot social media companies to seek capital in the US public market, , has filed paperwork for an initial public offering on Friday. According to the filing, Zynga aims to raise as much as $1 billion. The company, which is behind a series of popular games on Facebook, did not specify the number of shares it plans to sell not did it give an expected price range.

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Zynga files for $1 billion IPO

[caption id=“attachment_35358” align=“alignleft” width=“380” caption=“The company had $100 million in revenue in 2010. Getty Images”] ![Getty Images](https://images.firstpost.com/wp-content/uploads/2011/07/dollar-getty.jpg "dollar-getty") [/caption] Zynga Inc, the latest in a series of hot social media companies to seek capital in the US public market, , has filed paperwork for an initial public offering on Friday. According to the filing, Zynga aims to raise as much as $1 billion. The company, which is behind a series of popular games on Facebook, did not specify the number of shares it plans to sell not did it give an expected price range. Underwriters include Morgan Stanley, Goldman Sachs, Bank of America, Barclays Capital, JP Morgan and Allen and Company. A source previously told Reuters that Zynga’s IPO could raise $1.5 billion to $2 billion and could value the company at $15 billion to $20 billion. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. Zynga is the company behind popular games on Facebook including FarmVille and Mafia Wars with more than 232 million monthly active users, according to the filing. It is the top game publisher on Facebook, and while it is free, its revenue comes mainly from selling virtual items such as tractors and weapons that are used to enhance game play. In the three months ended March 31, Zynga’s common stockholders broke even on revenue of $235.4 million. During the same period, Zynga reported adjusted earnings before interest taxes depreciation and amortization of $112.3 million. Zynga offers an alternative to investors seeking to expand beyond traditional videogame companies, which have seen their share prices erode in recent years. Zynga’s games, which don’t require hardware and are played mainly on the Facebook platform, have been eating into the $60.4 billion global video game industry, which consists largely of action or sports games played on consoles and TV sets. Online video game revenue is expected to reach $18 billion by the end of 2011 and $26.9 billion by 2015, according to DFC Intelligence, a firm that does market research on interactive entertainment. Zynga has expanded rapidly through small acquisitions at the rate of about one a month in the last year, as it seeks to dominate the games market and expand internationally.   Reuters

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