10 IPOs that flopped
This social networking game maker was launched in April 2007. The company's first game, 'Texas Hold'Em Poker,' was released on Facebook three months later. By April 2009, the private company was the number one app maker for the social networking giant. Looking to capitalize on the social media craze, the company went public in Dec. 2011 -- ahead of Facebook's much-anticipated IPO. At $10 a share, Zynga looked like a bargain.
But investors, perhaps concerned about Zynga's seeming over-dependence on Facebook, didn't snap up the much awaited offering, and Zynga's share price soon fell to around $8. Despite a rally earlier this year, the game maker's share price is currently muddling along at around $6.84. Zynga, welcome to SecondaryMarketVille.