Zynga set to go public with a valuation of $20bn
Thursday 30 June 2011
The social gaming group behind FarmVille is expected to file to go public today as it becomes the latest technology sensation to hit the markets this year.
Zynga, which develops games played on Facebook and mobile phones, could raise up to $2bn (£1.3bn) in the float, which would see the company join the market this autumn.
This follows the trail blazed by social network LinkedIn, which went public in April, and online discounting site Groupon, which filed for IPO earlier this month.
Zynga, now the world's largest social gaming company with 250 million users, was set up in 2007 by entrepreneur Mark Pincus. The listing could value the company at up to $20bn.
Other popular games include CityVille and Zynga Poker, which are free, but users can pay for add-ons and virtual goods.
The company is already believed to be making a healthy profit, estimates put it around $400m on revenues of about $850m. The forthcoming filing will provide more concrete evidence of the company's performance. The company secured a funding round earlier this year that valued it at $10bn.
It is believed to have appointed Morgan Stanley to lead the IPO, with Bank of America Merrill Lynch, Goldman Sachs, Barclays and JP Morgan also involved.
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