The price range of $8.50 to $10 a share is based on “a review of the offering price and recent after market performance of companies that completed IPOs in 2011,” the company said in a regulatory filing yesterday.
The top end of Zynga’s offering range would value the company at $7 billion, or half the $14.1 billion it said represented its fair value as of August. Groupon Inc., the Chicago-based provider of online coupons, raised $805 million in its IPO last month including an over-allotment option. The shares surged as much as 31 percent in the first weeks of trading before plunging as much as 42 percent from their high.
Angie’s List Inc., the Indianapolis-based operator of a consumer-reviews website, raised $132 million in its IPO last month, including an over-allotment. The shares tumbled as much as 29 percent from a high in public trading.
Groupon and Angie’s List both have recovered this month. Groupon closed yesterday at $23.48, 17 percent above its offering price. Angie’s List closed at $16.03, 23 percent higher than its IPO price. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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