Zynga IPO prices hit top of the range

Online games producer Zynga late on Thursday managed to raise $1bn in its initial public offering after it priced shares at the top end of a preliminary $8.50 to $10 market range.

The creator of games including “FarmVille” and “CityVille” sold 100 million shares of Class A common stock at $10 a share in the IPO. The initial share price gives the group a valuation of an estimated $7bn.

Zynga’s offering is the largest by a US internet company since Google’s IPO raised $1.9bn in 2004, Bloomberg data showed.