Delayed Zynga IPO progresses
Following several delays, a new SEC filing has revealed that Zynga will list its forthcoming IPO on the NASDAQ stock exchange under the ticker symbol ZNGA.
Zynga initially filed for the IPO back in July, aiming to raise near or above $20 billion in the sale of ten per cent of its shares. In what was described as an "unprecedented" move for a technology company, Zynga subsequently tweaked its stock structure to ensure CEO Mark Pincus has 70 times the voting power of those who buy shares.
The document also revealed that Zynga's top three games (CityVille, Mafia Wars and FarmVille) account for 78 per cent of the company's total revenue.
Last month, a filing seen by Reuters showed that Zynga's profits fell by 90 per cent in the previous quarter due to increased spending and an absence of any major game releases.
Rovio also looks set to float its IPO next year.