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Zynga, which operates the largest online poker room in the world, was named among the worst performing IPOs of the year 2011 by Forbes.com.
There may be good reason for the Forbes rating. Zynga broke below its offering price on its first day out and remains underwater.
To be fair, Zynga has hardly had a chance to perform after the IPO came into being just prior to the Christmas holiday season.
From Forbes.com:
Though Zynga is not included in Renaissance Capital’s year-end review – it did not price its offering until Dec. 15 and started trading a day later – its decline of about 60% would only barely crack the list of the year’s worst-performers.
The smart money may still be on Zynga though as real money online poker is on the verge of becoming legalized in the US while Zynga has already announced plans to begin offering money play in the United Kingdom.
To view all the worst performing IPO’s of 2011, go here now.
- Aaron Goldstein, Gambling911.com
