SAN FRANCISCO (Dow Jones)--Zynga Inc. (ZNGA) said Wednesday its secondary
offering intended to boost the amount of stock available to the public,
reduce volatility and enable insiders to cash out has priced at $12 per
share.
Zynga, of San Francisco, said it will not receive any proceeds from the
offering, which comes more than three months after the social gaming firm's
initial public offering.
In addition to the nearly 43 million shares sold by existing stockholders as
part of the secondary offering, Zynga said underwriters have a 30-day
option to buy an additional 6.4 million shares from selling stockholders.
Zynga went public in mid-December, initially priced at $10 a share. The
shares have fallen nearly 8% in the past month and closed Wednesday at $12.
24.
Zynga Chief Executive Mark Pincus, who did not sell shares in the firm's IPO
, was expected to see his holdings of Class B shares reduced to 13.5% from
15.5% following the secondary offering. However, his total voting stake
would only dip to 35.9% from 36.5%, according to regulatory filings.
