By Maximilian Clarke
Zynga, the game developer behind many of Facebook's top grossing game apps, has raised $1bn through selling a total of 100 million shares at $10 apiece ahead of their initial public offering (IPO).
Initially announcing their intention to float on the Nasdaq market in July 2011, the company are to begin trading today (Friday) as (NASDAQ: ZNGA)
As the world’s largest social game developer, Zynga boast 227 active users who play titles familiar to all Facebook users, including CityVille, FarmVille and the Mafia Wars duo.
With a value of $10bn, the company’s listing is, according to Bloomberg’s research, the biggest tech floatation since Google sold nearly 20 million shares each for $85 for their 2004 offering.
Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are the joint bookrunning managers and representatives of the underwriters for the offering. BofA Merrill Lynch, Barclays Capital Inc. and J.P. Morgan Securities LLC are also joint bookrunning managers, and Allen & Company LLC is a senior co-manager for the offering. Zynga's Class A common stock will trade on the NASDAQ Global Select Market under the symbol "ZNGA."
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