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Zynga’s Mark Pincus, other execs set to rake in cash from secondary offering

By
Garett Sloane
Published March 22, 2012, 4:00 a.m. ET

Zynga CEO Mark Pincus will have plenty of money to play with following his company’s secondary stock offering, The Post has learned.

Pincus will be among a handful of Zynga executives and early shareholders participating in a stock sale set for next week, according to a source with knowledge of the plans.

The social-gaming chief executive, who didn’t sell any shares when the company went public late last year, will unload about 10 percent of his Class B shares, his largest block since the initial public offering, the source said.

Pincus will pocket around $125 million if he sells 9.1 million shares at yesterday’s closing price of $13.72.

He sold more than $100 million in shares before the IPO.

Zynga’s bankers, led by Morgan Stanley, are managing the secondary offering, which will allow the insiders to sell an estimated 30 million shares to raise about $400 million.

The list of sellers is expected to be filed with regulators by the end of the week, the source said. Zynga declined to comment.

The offering allows insiders to trade in an orderly fashion and is designed to take some pressure off the stock price when the lock-up period from the IPO expires May 28.

LinkedIn held a similar secondary stock offering in November for insiders, such as CEO Jeff Weiner, who sold shares in exchange for submitting to a new lock-up period.

Zynga is not raising any money in its offering, the source said.

Also yesterday, Zynga announced that it bought New York City-based gaming company OMGPOP, the maker of the hit “Draw Something.”

The six-week-old game has shot to the top of the apps’ charts, and helped propel the value of the acquisition to above $200 million.