Zynga Inc. went public on Decembe r 16 in the largest initial public offering by a technology company since that of Google Inc. in 2004. Zynga develops online games such as CityVille, FarmVille, Mafia Wars, and Words With Friends. The company offered 100 million shares at $10 each in one of the most anticipated tech IPO s of last year along with the debuts of LinkedIn Corporation [Big Deals, July 2011] and GroupOn, Inc. [Big Deals, January].
Zynga stock opened at $11 a share on the first day of trading on Nasdaq but closed at $9.50 and continued to struggle in the weeks thereafter, falling as low as $7.97. It closed at $10.60 on February 1, which gave it a market value of $7.4 billion.
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