Zynga, the company behind hit Facebook games
such as Farmville and Mafia Wars, is about to turn its virtual
popularity into some cold hard cash.
According to the Wall Street Journal on Wednesday, Zynga will file papers this week for its initial public offering, with a valuation likely to far exceed the $10 billion figure that the company was valued at in its last round of venture funding.
San Francisco-based Zynga claims to have some 250 million people actively playing its games, and reportedly generated more than $400 million in profit last year on revenue of $850 million. It employs some 1,500 people in 13 offices spread over six countries.
The expected IPO comes amid a red-hot market for social networking companies. Last week, business networking site LinkedIn went public and is now valued at over $9 billion -- double its pre-IPO price. Russian search engine Yandex also saw its value pop when it went public on Tuesday with a valuation of more than $11 billion.
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