Zynga plans to raise up to $1.15B in IPO

NEW YORK (AP) ? Online game maker Zynga says it plans to raise up to $1.15 billion in an initial public offering of 115 million shares in the latest in a spate of Internet IPOs

The maker of popular games FarmVille and Mafia Wars says in a Securities and Exchange filing it plans to sell the shares at up to $10 a share.

Zynga Inc. said in July that it planned to go public. The proposed IPO follows other recent tech company IPOs including daily deal site GroupOn in November and professional networking site LinkedIn in June.

Tech IPOs aren't always hits. Shares of Groupon Inc., for example, are trading below their IPO price.

Zynga was founded in 2007 by CEO Mark Pincus. It has about 2,300 employees.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-12-02-US-Zynga-IPO/id-2dc8ac3769b74f2ab120d3b46663c6b4

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