Zynga IPO To Begin Trading On December 16
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.
However, since that initial filing, the company has seen its profits and its user base decline
, and it delayed the IPO
due to what was described as "rocky stock markets."
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.