Social-gaming company Zynga is ready and willing to venture into the always-uncertain waters of being a publicly traded company.
Poised for an initial public offering, Zynga hopes to rake in more than $1 billion by doing so.
In a filing with the U.S. Securities and Exchange Commission that became public Friday, Zynga expects to price its stock between $8.50 and $10 a share. Current plans call for the company to sell 100 million shares (with 15 million more shares available for over-allotment).
“We intend to use the net proceeds to us from this offering for general corporate purposes, including working capital, game development, marketing activities and capital expenditures,” Zynga officials stated in the SEC filing. “We intend to use approximately $83.6 million of the net proceeds to satisfy tax withholding obligations related to the vesting of restricted stock units, or ZSUs, in connection with this offering. In addition, we may use a portion of the proceeds from this offering for acquisitions of or investments in complementary businesses, technologies or other assets.”
The social gaming giant says it will serve up “a portion of the net proceeds to charitable causes through Zynga.org, our philanthropic initiative.”
The company has not yet confirmed when it plans to go public. Zynga has been working toward an IPO since last July.