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Zynga IPO could raise $2B, file Wednesday

Online social game company Zynga plans to raise $1.5 billion to $2 billion US in an initial public offering and could file paperwork with U.S. regulators as soon as Wednesday, a source familiar with the situation told Reuters on Tuesday.
Zynga is expected to float only a small portion of its shares and the IPO could value the company as high as $15 billion to $20 billion, the source said.
Morgan Stanley is expected to lead underwriters on the IPO, with Goldman Sachs, Bank of America Merrill Lynch, Barclays and JPMorgan also expected to be among the underwriters, the source said.
The source declined to be named because the information is not public. The banks and Zynga declined to comment.
Zynga has also held talks with banks about a credit facility of at least $1 billion, according to CNBC, which first reported the news.
Zynga's IPO would be the latest in a string of social media companies to take advantage of the equity markets.
LinkedIn Corp. (LNKD-N) and China's Renren Inc. (RENN-N) were first to test the public markets in May. Today, LinkedIn is above its IPO price, but down from its highs, while Renren has lost half of its value since its IPO.
Earlier this month, online radio company Pandora Media Inc. (P-N) raised the proposed value of its IPO by almost 50 percent. Two days after Pandora's stock debuted, it handed back its gains and was down nearly 20 percent.
Also this month, online daily deal site Groupon raced to file its IPO. The company said it wants to raise $750 million. Groupon disclosed in its filing that its staffing ballooned to more than 7,000 employees at the end of March from 37 in June 2009.
Investors are also setting their sights on IPOs for social media networks Facebook and Twitter. CTV Two CTV News CTV News Channel BNN - Business News Network CP24