Social game-maker Zynga Inc. has filed an amended Form S-1 with the US Security and Exchange Commission indicating that the company plans to sell 100 million shares at a price between $8.50 and $10 a share. That represents just over 14% of shares, which values Zynga at around $7 billion.
The company’s two largest shareholders, CEO Mark Pincus and venture capital firm Kleiner Perkins Caufield and Byers are not selling any of their shares in the IPO. Venture capital firms Institutional Venture Partners, Union Square Ventures, Silver Lake Partners, and others are selling relatively small pieces of their Zynga shares, less than 7%-8% in most cases. Google Inc. (NASDAQ: GOOG) is selling 1.69 million of its total of 23 million shares. Insider sales of 15 million shares are predicated on the underwriters taking their over-allotment option of 15 million shares.
Lead underwriters for the offering are Morgan Stanley and Goldman Sachs. Zynga will be listed on the Nasdaq Global Select Market under the symbol “ZNGA”.
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