Zynga Chooses Nasdaq Over New York Stock Exchange for Game Startup’s IPO
Zynga Inc., the online-game developer that is planning an initial public offering, filed to list its shares on the Nasdaq Stock Market.
Zynga has applied to list its stock under the symbol ZNGA, according to a filing today with the U.S. Securities and Exchange Commission. Zynga said in July it would seek to raise $1 billion in an IPO.
By listing on the Nasdaq, the gaming startup bucks a recent trend of young Internet companies listing on the New York Stock Exchange -- a group that includes LinkedIn Corp., Pandora Media Inc. and Renren Inc. The Nasdaq, home to Apple Inc., Google Inc. and Microsoft Corp., has traditionally had an edge with technology companies.
Earlier this week, Zynga announced a new service, called Project Z, geared toward reducing its dependence on users of Facebook Inc.’s social network. The company also announced new games, including “Zynga Bingo,” “CastleVille” and “Hidden Chronicles.” San Francisco-based Zynga is the biggest developer of games for Facebook.
Founded in 2007, Zynga offers its games for free and then sells virtual items within applications, such as a townhouse in “CityVille” or a shipyard in “Empires & Allies.” The worldwide virtual-goods market will more than double to $20.3 billion in 2014, from $9.28 billion last year, according to ThinkEquity LLC, a San Francisco-based research firm.
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