Zynga IPO could raise as much as $1.15 billion

Social-gaming company Zynga is ready to brave the turbulent initial public offering market, and it might just raise over $1 billion for its effort.

Zynga reported in a Securities and Exchange filing today that it will price its stock between $8.50 and $10 a share. The company currently plans to sell 100 million shares, but has made 15 million additional shares available for over-allotment. Depending on how well Zynga can attract buyers, the company could raise between $850 million and $1.15 billion in its offering.

"We intend to use the net proceeds to us from this offering for general corporate purposes, including working capital, game development, marketing activities and capital expenditures," Zynga said in the SEC filing. "We intend to use approximately $83.6 million of the net proceeds to satisfy tax withholding obligations related to the vesting of restricted stock units, or ZSUs, in connection with this offering. In addition, we may use a portion of the proceeds from this offering for acquisitions of or investments in complementary businesses, technologies or other assets."

Although Zynga didn't say how much it will earmark for charity, the company said that it also wants to use "a portion of the net proceeds to charitable causes through Zynga.org, our philanthropic initiative."

Zynga made its IPO intentions known in July. The company was expected to go public as early as September, but the unpredictable IPO market made the move too risky.

More to come...

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