Zynga IPO raises $1 billion

Zynga IPO raises $1 billion
Craig Chapple

By Craig Chapple

December 16th 2011 at 9:50AM

Biggest public offering from US internet company since Google in 2004

Zynga has raised $1 billion from its much anticpated initiali public offering due to launch later today.

Bloomberg reports that 100 million shares were sold at $10 each, making it the biggest IPO from a US internet company since Google raised $1.9 billion in 2004.

The IPO puts Zynga’s valuation at $9 billion, more than publisher Electronic Arts, which is valued at around $6.93 billion.

Despite the high valuation, the highly anticipated public offering is less than half the $20 billion estimates circulated over the summer, although it has gained more than its $7 billion valuation a few weeks ago.

It is nonetheless an impressive achievement for a company formed in July 2007, becoming famous for Facebook titles such as FarmVille and Mafia Wars.