Online social game developer Zynga says it plans to raise up to $1.15 billion in an IPO (initial public offering) of 115 million shares in the latest in a spate of Internet IPOs.
The maker of popular games FarmVille, CityVille and Mafia Wars says in a Securities and Exchange filing it plans to sell the shares at $8.50 to $10 a share. The company is reportedly planning to issue 100 million shares and go public on Dec. 16.
Zynga said in July that it planned to go public. The proposed IPO follows other recent tech company IPOs including daily deal site Groupon in November and professional networking site LinkedIn in June. Also Facebook is looking into raising as much as $10 billion in its IPO (April 2012).
Tech IPOs aren’t always hits. Shares of Groupon, for example, are trading below their IPO price.
Zynga was founded in 2007 by CEO Mark Pincus. It has about 2,300 employees. Zynga will trade under the stock symbol ZNGA on the Nasdaq stock market.