By Julia Boorstin, CNBC Correspondent
NEW YORK ( CNBC) -- Zynga's ( ZNGA) long-anticipated IPO did not benefit from the same first-day bumps that sent LinkedIn ( LNKD) and Groupon ( GRPN) soaring higher earlier this year. The social gaming company raised $1 billion -- issuing 100 million shares at $10 a share -- making it the largest Internet-related IPO since Google's ( GOOG) $1.4 billion offering back in 2004. The $10 price was at the upper end of the $8.50-$10 range, valuing the company at around $7 billion, $8.9 billion including unexercised options and warrants. Zynga's valuation may be huge compared to video game giants Electronic Arts ( ERTS) -- $6.9 billion -- and Activision Blizzard ( ATVI) -- $13.6 billion. But it's actually much smaller than expected. Earlier this year the company was valued at $14 billion -- it sold shares to investors for around $14. Some industry watchers talked about a $20 billion valuation and some employees reportedly were granted stock options at a higher valuation than $14 billion.
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