The company responsible for Farmville, Mafia Wars, and several other popular social games is finding out that nothing's guaranteed in the second coming of the dot-com bubble. Zynga shares began trading today, and at first, it looked as though Zynga would follow in the footsteps of Groupon, LinkedIn, and other social sites that have gone public and exploded on the stock market.
Zynga shares rose as much as 10 percent above their offer price today and hit $11 per share, but quickly fell below the IPO price, Reuters reports . It's currently trading for $9.73, down more than 1 percent below Zynga's target.
Undeterred by the lukewarm reception, Zynga CEO Mark Pincus told Reuters he has "no regrets" about taking his company public.
"Our approach has always been to focus on the longterm," Pincus said. "We thought this was the right time to go public."
Part of the challenge for Zynga is in convincing investors it can continue to be profitable, despite its current dependance on Facebook. Roughly 95 percent of Zynga's revenue comes from Mark Zuckerberg's online playground.