Friday, December 16, 2011
Zynga, the largest maker of games for Facebook, was little changed after initially raising $1 billion in an initial public offering.
The shares, listed on the Nasdaq Stock Market under the symbol ZNGA, gained 1 cent to $10.01 at 11:36 a.m. New York time. The developer of games such as “CityVille,” “FarmVille” and “Mafia Wars” sold 100 million shares for $10 each, the top end of an $8.50 to $10 range, Zynga said in a statement.
The offering is the biggest by a U.S. Internet company since Google Inc. raised $1.9 billion in its 2004 IPO, data compiled by Bloomberg show. Zynga’s increasing ubiquity and expansion prospects appeal to investors, according to Colin Sebastian, an analyst at Robert W. Baird & Co. in San Francisco.
Read more from Businessweek.