The pricing came in on the high end of the company's expected range of between $8.50 and $10 a share. Zynga is selling 100 million shares in the IPO with the stock set to make its debut on the Nasdaq on Friday.
|Zynga CEO Mark Pincus|
Analysts are largely mixed on how well Zynga will perform in the public markets.
Hudson Square analyst Daniel Ernst remains "positive on the offering" and believes its valuation is reasonable.Sterne Agee analyst Arvind Bhatia , meanwhile, has already initiated coverage of the company with an underperform rating and said the company's valuation is "not justified." Earlier on Thursday, Zynga updated its S-1 filing to expand on the risks of losing its CEO and founder Mark Pincus after Google (GOOG) chairman Eric Schmidt called him a "fearsome, strong negotiator." Pincus had previously been criticized in reports for creating an overly aggressive and hard-charging culture at the company. Zynga's offering comes at the end of a strong week for IPOs. Business software company Jive Software (JIVE - Get Report) opened up 27% in its debut on Tuesday. Luxury fashion brand Michael Kors (KORS - Get Report) also spiked 25% on its first day of trading on the NYSE Thursday. -- Written by Olivia Oran in New York.
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