Zynga IPO ready to hit the road

Nov 30, 2011
<p>Hotly anticipated float comes as other social media companies sink below offering prices</p>

Zynga will set off on its IPO roadshow next week amid close scrutiny of social media stocks.

CEO Mark Pincus will lead the presentations to investors, two sources told Reuters.

He will be joined on the road by CFO David Wehner and chief operating officer John Schappert, added the newswire.

The creator of popular social media games such as Farmville is seeking to raise up to $1 bn in a listing on NASDAQ.

The IPO is one of the most highly anticipated of the year, although the company will have its work cut out as it comes at a time when social media stocks are under a cloud.

Stocks tumble

Social media companies have slipped back in recent weeks leading a number to fall below their IPO prices.

Groupon, the daily deals company that raised $700 mn on November 3, came in for criticism last week after its stock fell below the $20 offering price.

And yesterday Angie’s List, another recent social media IPO, also fell below its offer price for the first time.

As part of preparations for life as a public company, Zynga is advertising for a director of IR on its website.

The successful candidate must have 10 years’ experience either in investor relations or another capital markets role, the firm’s job ad notes.

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