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Posted at 01:47 PM ET, 08/29/2011

Zynga IPO is ‘delayed’


Zynga is reportedly in no rush to go public, thanks to a volatile market. (David Paul Morris - BLOOMBERG)
Zynga may be considering delaying its IPO because of rocky market conditions, the New York Post reported Monday. Citing two unnamed sources “with knowledge of Zynga’s plans,” the article says the company had been racing to launch its initial public offering in early September but is no longer rushing because of volatile markets.

A spokesman for Zynga declined to comment on the report.

The social gaming company announced plans to go public in June and hopes to raise up to $2 billion with its IPO.

The New York Post report has taken some ribbing from Fortune’s Dan Primack, who said the article is a “non-story.”

Conventional wisdom, Primack said, is that the company will go public after Labor Day because it’s likely that its legal staff is on summer vacation.

“Is it really news that market volatility might push things back a few weeks?” he wrote. “Doesn’t that happen any time the Dow forgets to take its meds, and hundred-plus point swings become the norm?

The company filed a revised S-1 document with the Securities and Exchange Commission on Aug. 11, slightly adjusting its earnings and valuations estimates.

Since filing, the company has made yet another high-profile hire, snagging a second executive from rival Electronic Arts, and named former EA Play head Jeff Karp as its chief marketing and revenue officer.

The company has also grabbed former EA COO John Schappert to fill the same position at Zynga, in addition to former EA execs Steve Chiang, Mark Skaggs and Colleen McCreary, VentureBeat noted.

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By  |  01:47 PM ET, 08/29/2011

Tags:  Gaming

 
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