Game on: Zynga set for billion dollar float
Sunday 03 July 2011
The founder of Zynga, the company behind the hugely popular CityVille Facebook game, is set to become Silicon Valley's latest billionaire.
Zynga filed its intention to float in the US last Friday, which should see the company raise up to $1bn and value the overall group at closer to $20bn. Its chief executive, Mark Pincus, will become a paper billionaire as a result.
The flotation has been widely anticipated in the US, as Zynga's games are huge, even in the ever-expanding social media sector.
Only founded in 2007, it had become a $600m revenue company in just three years.
Morgan Stanley and Goldman Sachs have taken the leading advisory and underwriting roles on the planned flotation.
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