Social games giant Zynga has filed new papers with the Securities and Exchange Commission, detailing plans about its upcoming initial public offering that it will price later this month.
According to the new filing, and as reported by business website VentureBeat, Zynga is looking to raise between $850 million and $1 billion as part of the IPO, with a $5.9 billion to $6.99 billion valuation.
With the IPO set to be priced on December 15, and trading due to start the following day, the company has set the price range at $8.50 to $10 per share, with the plan to issue 100 million shares in total.
When Zynga originally filed an S-1 with the SEC indicating its desire to issue an initial public stock offering back in July, it was estimated that $1.5 to $2 billion would be earned in the offering, while the company was being valued at around $20 billion.
The new filing sees the company issuing 14.3 percent of its shares, with the total shares left after the offering set to be 699.3 million altogether. The company will trade its stock under the symbol ZNGA on the Nasdaq stock market.
If anecdotal evidence about Zynga's corporate culture is somewhat true - it may be something along the lines of Let My People Go as soon as the shares vest and become liquid.
There was a NY Times article about this just a few days ago? It looks like Zynga will have a massive brain drain once the go public and people cash out. Maybe that is why they try to rescind previously offered employee shares earlier? There was another article on just that before the Times article.. Interesting..
