Zynga files for IPO of up to $1 billion

Reuters News
Posted: Jul 01, 2011 12:23 PM

NEW YORK (Reuters) - Zynga Inc filed paperwork for an initial public offering on Friday, the latest in a series of hot social media companies to seek capital in the U.S. public markets.

The company, which is behind a series of popular games on Facebook, said it hoped to raise up to $1 billion. It did not specify the number of shares it plans to sell or give an expected price range.

A source previously told Reuters that Zynga's IPO could raise $1.5 billion to $2 billion and could value the company at $15 billion to $20 billion.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Underwriters are being led by Morgan Stanley and Goldman Sachs.

(Reporting by Clare Baldwin; Editing by Lisa Von Ahn)