Social gaming development company Zynga Inc. has raised a $1 billion line of credit in July from Morgan Stanley, Goldman Sachs, and several other banks according to a regulatory filing. Zynga did not indicate whether the stock market conditions would affect an IPO. Zynga’s amended S-1 document for the IPO also had disclosed how Zynga valued themselves in the past before the stock market fluctuations. This past March, Zynga indicated that they were worth $11.15 billion. Another third party valuation had indicated that Zynga’s value was less than half at $4.98 billion.
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Goldman Sachs Group Inc. Posts
Social gaming company Zynga Inc. is in talks with Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) to lead their initial public offering. Goldman is also expected to provide Zynga to provide a credit line of over $1 billion. This funding will be used to help make acquisitions. Zynga has about 242.1 million monthly active users on Facebook. Some of their most popular games include FarmVille, CityVille, and Texas HoldEm Poker.
Social gaming company Zynga is preparing to file for an IPO according to sources with AllThingsD. A filing with the SEC is expected to happen sometime next week. Based on Zynga’s last round of funding, the company has a valuation of $10 billion. Zynga has about 250 million people actively playing their games every month. Zynga supposedly made about $400 million profit last year on around $850 million in revenue. Today Zynga has about 1,500 full-time employees across 13 offices in 6 countries. Goldman Sachs is believed to be one of the bankers in the Zynga deal. [AllThingsD]
New York based discount flash sales website Gilt Groupe has raised $138 million in venture capital funding. Investors in this fifth round of funding include Softbank Group, General Atlantic, Matrix Partners, Goldman Sachs, NEA, DFJ Growth, Pinnacle Ventures, TriplePoint Capital, and Eastward Capital.
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Groupon Inc. has hired Goldman Sachs and Morgan Stanley as the lead underwriters for an IPO that they are planning for later this year according to sources with The Wall Street Journal. Groupon is expected to be valued at between $15 and $20 billion when the company goes IPO. JP Morgan Chase & Co. is expected to be a co-manager for the IPO according to the same sources.
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Nexon is a Japanese virtual goods company that has hired Morgan Stanley and Goldman Sachs to prepare for an IPO or for a huge private equity deal. Nexon has been growing at a rapid pace. Revenue has grown 56% to $648 million in 2009 and hit close to $1 billion in 2010. Nexon was started in Korea about 17 years ago. Nexon has published several free online games like Atlantica and MapleStory. It earns revenues through sales of virtual goods in their games. Nexon’s founder is billionaire Kim Jung-Joo. [alarm:clock]
Group coupon subscription service Groupon.com is talking to bankers about an IPO with a valuation of $25 billion according to Bloomberg. Just as a comparison, Google was given a $23 billion valuation during their IPO. Groupon made $760 million in revenues last year and they are projecting to make over $1 billion this year. Groupon is currently in talks with Morgan Stanley and Goldman Sachs about the IPO. [Bloomberg]
Japanese automotive company Toyota Motor Corp. is estimating that they will have a production loss of 40,000 vehicles due to the earthquake and tsunami that occurred in the Asian country. Toyota spokeswoman Shiori Hashimoto said that about 12 plants will remain closed until March 16. Toyota’s profit will most likely decline by 6% ($72 million) as a result. Goldman Sachs also predicts that Nissan and Honda will both loss about $24 million per day that they remain closed. [4WheelsNews]