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Zynga Files To Sell $400 Million in Stock For Holders (ZNGA)
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Source: Zynga
The shares are being sold by existing shareholders, so Zynga itself will not receive any of the proceeds from the sales.
After closing at $13.38 on Tuesday, this compares to an IPO price of $10.00 from just in mid-December. With a $9.7 billion market cap, $400 million might not be much by most standards but this effectively makes the float much larger and it approaches something close to what should have been the case from the start.
Underwriters of the offering are Morgan Stanley, Barclays, Goldman Sachs, BofA/Merrill Lynch, Allen & Co., and J.P. Morgan.
Also read our TOP 17 IPOs TO WATCH IN 2012.
JON C. OGG
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