Report: Zynga Preparing for IPO

May 24, 2011 -

According to a report in AllThingsD (by way of VentureBeat), social game developer and publisher Zynga is ready to file its initial public offering. The publication cites an anonymous source close to the situation. The San Francisco-based company was rumored to be raising $500 million on a valuation of $10 billion a few months ago, but details were never announced. AllThingsD says that Zynga will value itself higher than $10 billion.

Sources have told AllThingsD that Goldman Sachs will be one of lead bankers for the Zynga offering and that Zynga has hired John Schappert, chief operating officer of Electronic Arts. The latter hasn’t been announced, but sources have confirmed it with the publication.

Zynga's Facebook games have more than 250 million monthly active users, with the company's most popular title, CityVille, enjoying more than 90 million monthly active users. The company has 2,000 employees and has acquired 14 game companies in the last 12 months.

Source: AllThingsD by way of VentureBeat

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