Zynga, the social-gaming company known for “FarmVille” and “Texas HoldEm Poker,” filed to raise $1 billion in an IPO, according to a regulatory filing Friday.
The company didn't say how many shares it would sell or at what price.
Zynga said it has more than 232 million monthly active users, making it the biggest developer of social games. The company owns the four most popular apps on the Facebook's site: “CityVille,” “Empires & Allies,” “FarmVille” and “Texas HoldEm Poker,” according to research firm AppData.com.
“Substantially all” of Zynga's revenue comes from games on Facebook, according to the filing. Zynga also has developed games for Apple's iPhone and iPad, and Google's Android phones.
Revenue in the first quarter more than doubled to $235.4 million, from $100.9 million a year earlier. Net income climbed 83% to $11.8 million. The company spent a combined $111.9 million in the period on research and development and sales and marketing.
Sales surged almost fivefold in 2010 to $597.5 million, and the company turned profitable, recording net income of $90.6 million, following a loss of $52.8 million in 2009.
Fifty-three Internet companies have filed for U.S. IPOs so far this year, the most since 164 companies in the industry announced plans for initial offerings in the U.S. during all of 2000, data compiled by Bloomberg show.
CEO Mark Pincus is the biggest owner, controlling 16% of Class B shares, according to the filing. Kleiner Perkins Caufield & Byers owns 11% and is the largest outside shareholder, followed by Institutional Venture Partners, Foundry Group and Avalon Ventures, which each owns 6.1%.
Zynga, which plans to use the IPO funds for general corporate purposes, didn't say what exchange the shares would trade on or what ticker the company would use.