Groupon recently posted the largest initial public offering since Google. Now Zynga is looking to one-up the social couponing site with an IPO of its own before Facebook enters the public picture.
Zynga officially filed with the Securities and Exchange Commission for an IPO. In the filing, the social gaming company said it would price its stock at $ 8.50 to $ 10 a share, and plans to sell 100 million shares. Zynga is making available an additional 15 million shares for over-allotment. All that means Zynga could see an $ 850 million IPO on the low side and a $ 1.5 billion IPO on the high side.
“We intend to use the net proceeds to us from this offering for general corporate purposes, including working capital, game development, marketing activities and capital expenditures,” Zynga said in the SEC filing. “We intend to use approximately $ 83.6 million of the net proceeds to satisfy tax withholding obligations related to the vesting of restricted stock units, or ZSUs, in connection with this offering. In addition, we may use a portion of the proceeds from this offering for acquisitions of or investments in complementary businesses, technologies or other assets.”
When Will Zynga Go IPO?
What the markets don’t yet know is when exactly Zynga will go public. Bloomberg recently reported that Zynga would go public after Thanksgiving. Bloomberg’s reported revelation came after Zynga updated its prospectus to show that 6.7 million of its users were paying customers during the first nine months of 2011. At that time, Zynga also reported that its revenues had doubled to $ 828.9 million.
Zynga is the undisputed leader in online social games. The company has 232 million active users playing titles like CityVille, FarmVille, Empires & Allies, and Mafia Wars. Zynga makes its games available on Facebook, Google+, MySpace, Yahoo, the iPad, iPhone and Android devices. Monies…
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