Zynga posts IPO price at $10 with 100 million shares for sale

Zynga (NASDAQ: ZNGA) has put aside various controversies and announcing its stock will launch today on the NASDAQ exchange. 

100 million shares of Class A common stock are being sold at $10, with an additional 15 million shares being offered on a 30 day retainer to cater for potential extra demand.

CEO Mark Pincus, board member Bing Gordon and Pincus' wife Alison will ring the opening bell remotely from its headquarters in San Francisco at 9am Eastern Time (2pm GMT). 

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However, the stock system at Zynga is such that much of the voting power is held by owners of class B and C stock holders.

Class B stock holds seven times the voting power of class A, while class C (owned solely by  Pincus) holds 70 times the voting power.

Investors will therefore have very little traction in terms of the company's operation, as Class B and C shares collectively account for 98.2 percent of the voting power.

The San Francisco-based firm currently claims to be the world's largest social game developer with more than 227 million monthly active users, of which 13 million daily active users are on mobile.

Words with Friends, the multiplayer word game which Zynga inherited after purchasing Newtoy for $53.3 million, makes up the bulk of this figure, with 10 million users.

[source: Inside Mobile Apps]