Zynga (ZNGA) IPO Opens Higher
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The IPO for Zynga (Nasdaq: ZNGA) opened for trading at $11 after pricing 100 million shares at $10, the top end of the expected $8.50-$10 range.
The offering is being led by Morgan Stanley and Goldman Sachs.
Zynga will have approximately 700 million shares outstanding after the offering, giving the company a valuation of $7.7 billion.
Zynga is the leading social game developer with 227 million average monthly active users.
From 2008 to 2010, Zynga's revenue increased from $19.4 million to $597.5 million, bookings increased from $35.9 million to $838.9 million, and they went from a net loss of $22.1 million to net income of $90.6 million and adjusted EBITDA increased from $4.5 million to $392.7 million. For the nine months ended September 30, 2011, revenue was $828.9 million, bookings were $849.0 million, net income was $30.7 million and adjusted EBITDA was $235.5 million.
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The offering is being led by Morgan Stanley and Goldman Sachs.
Zynga will have approximately 700 million shares outstanding after the offering, giving the company a valuation of $7.7 billion.
Zynga is the leading social game developer with 227 million average monthly active users.
From 2008 to 2010, Zynga's revenue increased from $19.4 million to $597.5 million, bookings increased from $35.9 million to $838.9 million, and they went from a net loss of $22.1 million to net income of $90.6 million and adjusted EBITDA increased from $4.5 million to $392.7 million. For the nine months ended September 30, 2011, revenue was $828.9 million, bookings were $849.0 million, net income was $30.7 million and adjusted EBITDA was $235.5 million.
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