Zynga is delaying its IPO originally set for next month until November, according to a report.
Zynga, a social gaming company, has been on track toward what was viewed as a hot IPO like social coupon network companies Groupon and LivingSocial. The IPO was originally set for next month, but now the company is afraid that rocky stock markets might alter the price, so they company is waiting.
The news was reported by the New York Post, which cites two sources as having knowledge for Zynga's plans.
Zynga announced it would go public in late June. The company has developed such game hits as Farmville, CityVille, and Mafia Wars, among other top titles. The company wants to raise $1.5 billion to $2 billion in its IPO. Tech stocks which have been high-flying including many very successful IPOs have been hit hard as the market trembled following the debt ceiling debate and U.S. debt rating downgrade by S&Pzy.
Groupon's IPO has also been delayed because the company retooled its accounting procedure after SEC concerns mounted. Originally Groupon said in its IPO filing with the Securities and Exchange Commission the company was profitable, but after questions about its accounting methods arose Groupon resubmitted its numbers using a more acceptable accounting means.