Zynga Stock Opens Up, Then Drops Below $10 IPO Price in Debut
NEW YORK - Shares of social game maker Zynga opened higher in their stock market debut early Friday before dropping as much as 5 percent in early trading.
As of 11:15am ET, the stock traded at $9.54, down 4.6 percent from the $10 mark where it had priced late Thursday. It had opened stronger though at $11, up 10 percent. The $10 pricing mark was the high end of the range that the company had previously eyed.
The company behind such games as CityVille, FarmVille and Mafia Wars, sold 100 million shares, raising $1 billion. That made its IPO the largest U.S. Internet IPO since Google raised $1.9 billion in 2004.
Zynga's stock is trading under ticker symbol ZNGA on Nasdaq. CEO Mark Pincus rang the Nasdaq opening bell on Friday.
Among the expected big technology IPOs next year is social network Facebook, on whose site Zynga games have had most of their success.