The trepidation of stock analysts about Zynga’s future (many had said it wasn’t worth the asking price) was proven wrong early this morning as Zynga’s first day on the market started well, climbing 10% to $11 per share. Then it was proven right as the stock tumbled, then it surged again. So where do they stand?
As of late afternoon on the New York Stock Exchange, Zynga’s stock has regulated to about the same place it started, around $10/share. The day has no doubt been an emotional rollercoaster ride for Zynga who started the day as the year’s most successful Initial Public Offering, but several times looked like it might become the year’s biggest tragedy. Their IPO produced about $1 billion, which is the largest of any company this year, and the largest tech IPO since Google in 2004.
Via the Wall Street Journal.