Zynga continues to be Zynda, beats ass on Wall Street
Zynga's initial public offering kicked off this morning on the NASDAQ stock exchange, and though things started out smoothly enough for the world's biggest social game developer and publisher, the day saw the stock lose quite of a bit of momentum in the early hours.
Zynga's debut on the NASDAQ stock market marks the biggest tech IPO in the U.S. since Google went public in 2004 and the biggest IPO in the history of the game industry. Trading under the NASDAQ symbol "ZNGA," the stock started out strong, rising 15 percent to $11.22 a share. By 11:49 am it had managed to reach $11.50 a share. The shares then fell 4.2 percent to $9.58 by 12:53 p.m.
The company sold the 14 percent of stock it offered in its IPO, which comes out to about 100 million shares of common stock.
According to VentureBeat, underwriters have the option to buy an additional 15 million shares to cover over-allotments. With that in mind, the company could rake in an estimated $1.15 billion.
Zynga plans to use the net proceeds for game development, marketing and general corporate purposes, according to its filing.
Sourceville. Anyone play *ville? Does Zynga do anything worthwhile for the games industry, or did it just figure out a hugely successful way to monetize your Facebook time? Is Farmville an MMO? My dad knew about this, and he is not up on games at all.
Tag submissions: Farmville isn't *really* an MMO, is it? How about an "online gaming" tag?
Zynga's debut on the NASDAQ stock market marks the biggest tech IPO in the U.S. since Google went public in 2004 and the biggest IPO in the history of the game industry. Trading under the NASDAQ symbol "ZNGA," the stock started out strong, rising 15 percent to $11.22 a share. By 11:49 am it had managed to reach $11.50 a share. The shares then fell 4.2 percent to $9.58 by 12:53 p.m.
The company sold the 14 percent of stock it offered in its IPO, which comes out to about 100 million shares of common stock.
According to VentureBeat, underwriters have the option to buy an additional 15 million shares to cover over-allotments. With that in mind, the company could rake in an estimated $1.15 billion.
Zynga plans to use the net proceeds for game development, marketing and general corporate purposes, according to its filing.
Sourceville. Anyone play *ville? Does Zynga do anything worthwhile for the games industry, or did it just figure out a hugely successful way to monetize your Facebook time? Is Farmville an MMO? My dad knew about this, and he is not up on games at all.
Tag submissions: Farmville isn't *really* an MMO, is it? How about an "online gaming" tag?