Zynga Fails To Impress After Opening with $1 Billion IPO
The popular online game developer branched out from San Francisco to Timonium in 2009.
Who knew addictive diversions such as online games Farmville, Words With Friends or Mafia Wars could amount to $1 billion?
The games' developers, of course.
Zynga, the world's largest online gaming developer, opened with $1 billion initial public offering on Friday, selling 100 million shares for about $10. After an initial 11 percent surge in the early morning, the company declined to $9.45 a share, culminating in a "disappointing" opening, reports The Guardian.
"The offering is the biggest by a U.S. Internet company since Google Inc. raised $1.9 billion in its 2004 IPO, data compiled by Bloomberg show," reported The Washington Post on Friday.