Zynga said to plan IPO after Thanksgiving, report says
Social gaming giant Zynga is apparently set to plan its IPO after the Thanksgiving holiday, according to a Bloomberg report.
Social gaming giant Zynga is planning to proceed with its initial public offering after Thanksgiving, Bloomberg is reporting.
The company was expected to raise up to $1 billion by going public as early as September. But the stock market's recent roller-coaster ride reportedly prompted the game maker to back off on its IPO plans.
Zynga, which could see more than $1 billion in sales this year, has been one of the most anticipated public offerings this year, according to the post. The company's SEC filing pegged its valuation at $11 billion in March.
In addition to stock market worries, the company's accounting procedures has attracted the attention of the Securities and Exchange Commission, which told the company to stop using certain "non-traditional accounting measures" in its filing. It also expressed concerns that Zynga said it relied on a small number of paying customers for most of its sales.
Zynga declined CNET's request for comment.
Launched in 2007, Zynga has turned into a force for online social gaming with such popular titles as FarmVille, CityVille, and FrontierVille. The company offers certain games through Facebook but also provides several through various mobile platforms.
CNET's Lance Whitney contributed to this report.