Zynga Valued Up To $7 Billion For Mid-December IPO

The leading developer of Facebook applications could go public within the next couple of weeks.

Zynga has increased the amount of money it plans to raise in its initial public offering to $1.15 billion, according to an amended filing the company made with the Securities and Exchange Commission.

The deal could happen in about two weeks, with shares opening at $8.50 to $10 apiece in a pricing expected the week of December 12.

The current value of the company now ranges from $5.9 billion to $7 billion, based on 699.4 million outstanding shares.

That’s roughly a third of what Zynga had previously sought for a valuation, which would have made a tough sell to investors, according to our most esteemed sibling blog Inside Social Games.

The company’s original SEC filing in July had sought to raise $1 billion.

Zynga began making presentations to investors this week, and a few slides from it appear below.

The company also posted 30-minute video of its roadshow presentation here.

Since Zynga ranks as the top developer of applications that run on the leading social network, the outcome of this IPO could serve as a litmus test for whether or when Facebook might go public, although at this point it’s still a matter of whether rather than when.

Readers, how much do you think Zynga is worth?