Zynga Shares Slip Slightly as Company Raises $1B During IPO
Zynga’s shares hovered near their opening price at $10 as the company raised $1 billion in its initial public offering. It’s a momentous day for the San Francisco-based company and the entire social gaming industry as Zynga is now worth about $7 billion after being founded four years ago.
Shares opened at around $11 when the company started trading on NASDAQ around 11 a.m. Eastern, but are now at $9.65.
Long derided by more traditional and console-focused gaming companies for building casual, free titles on the Facebook platform, chief executive Mark Pincus built a company that is poised to gross more than $1 billion in revenues this year.
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