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Zynga Files To Sell $400 Million in Stock For Holders (ZNGA)
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Zynga Inc. (NASDAQ: ZNGA) was expected to have a secondary stock offering for insiders sooner than the prior lock-up period of 180 days by some counts. Now we know that this will be coming sooner rather than later. An S-1 filing with the Securities and Exchange Commission is for up to $400 million in common stock to be sold.
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.
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