Zynga’s New S-1: Zynga’s Internal Valuation In March 2011 Was $11.5 Billion

Zynga just filed another version of its S-1 for the company’s $1 billion public offering and here’s what’s new. First, Zynga says in the filing that in March of this year, the company had an internal valuation at around $11.5 billion. From page 70 of the filing: our board of directors determined that the fair value of our common stock and Series Z preferred stock remained $13.96 per share.

That was five months ago, and clearly Zynga’s valuation has skyrocketed. Many are expecting the company to be valued at the time of the offering in the Fall at nearly $20 billion.

Second, the company updated its revenue breakdown from its games. Four years ago, 93 percent of Zynga’s online revenue came from its top three games. As you can see on page two of the updated filing, the top three games accounted for 63 percent of online revenue in Q1 2011. So basically, it’s becoming less dependent on FarmVille and its other hits for revenue.

The company also published information about a revolving credit facility on page 63, in which Zynga has a line of credit of up to $1 billion. Zynga corrected an accounting error for its Q1 2011 revenue, which added a $7.5 million increase in Q1 revenue (page 30), bringing the social gaming giant’s Q1 revenue up to well over $240 million.

Zynga also added 300 more employees in the past two months, bringing the total count to 2,543 employees worldwide.

In July, Zynga updated its S-1 to include a comprehensive list of its investors and more details on its relationship with Facebook.