Free Texas Hold’em Zynga Poker Will File Paperwork for IPO on Wednesday

Zynga, the powerhouse behind Facebook’s popular free Texas Hold’em game and Farmville, is expected to file paperwork for its initial public offering (IPO) on Wednesday June 29, 2011.

The company will use Morgan Stanley to be the lead underwriter of an offering that will raise more than $1 billion, according to Nitsan Hargril, an analyst at GreenCrest Capital Management LLC. 

Zynga will follow other recent Internet IPOs like LinkedIn Corp.

"Of all the companies we’re looking at, it’s the one we’re most excited about because it’s a real company with real revenues," Hargil said.

Zynga’s sales will reach $1.5 billion this year, generating $500 million of net income, Hargil estimates.

Back in March, Zynga hosted its first ever live poker tournament.  The company claims some 5.6 million registrants have participated in its online free Texas Hold’em games. 

- Aaron Goldstein, Gambling911.com

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