Zynga Files IPO to be Between $8.50-$10/Share

On Friday, social online game developer Zynga ZNGA filed to sell 100 million shares set to price between $8.50-$10 per share, with proposed maximum offering price at $1.15 billion. According to the Wall Street Journal, "Mutual funds run by Morgan Stanley Investment Management together invested $75 million in Zynga preferred shares in February at a price of about $14 per share, according to Zynga's disclosure materials filed in connection with its initial public offering planned in two weeks. Other mutual funds that invested in the same Zynga financing, which raised $490 million, include Fidelity Investments, which invested $82 million, and T. Rowe Price Group Inc., which invested $72 million, fund filings show." Sign up for a free subscription to the Weekly Radar - Benzinga's weekly newsletter highlighting technical levels and analysis for major markets for the week ahead.