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Farmville maker Zynga raises $1bn for IPO

Offering is biggest since Google

5 things you didn’t know about cloud backup

An online games company that derives most of its revenue from privately-held Facebook has raised $1bn in its initial public offering.

That figure is second only to Google's IPO in 2004, when the world's largest ad broker got a $1.9bn leg-up.

Zynga, which was founded in 2007 and develops games such as Farmville and Alec Baldwin's favourite puzzle Words with Friends, sold 100 million shares for $10 each, according to Bloomberg.

The San Francisco-based outfit has offered the stock for $8.50 and $10 apiece, said the news wire. Zynga begins trading on Wall Street today.

A US Securities and Exchange Commission filing shows that the company founded by CEO Mark Pincus plans to offer 14 per cent of its common stock.

For the first nine months of this year Zynga, whose IPO values it at around $7bn, pulled in revenue of $829m. ®

5 things you didn’t know about cloud backup

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