Now that we’ve got a bunch of tech IPOs going on, each comes with a bit of hair on the deal that makes a lot of people cry out that this is crazy and we’re back in a bubble.Pandora’s consistently profitable!
Given all that, the most stunning thing about Zynga’s IPO filing is… nothing.
There’s nothing particularly shocking about Zynga in its S-1.
And when you remember the revelations of the past IPOs, and the myriad controversies around Zynga and its business model, that is what’s stunning in itself.
Oh sure, there are some questions about Zynga’s business. It’s much less profitable than some people had reported. (Though still profitable!) Its revenue growth is high but its growth in monthly active users seems to have stalled, questioning future growth expectations. It’s an open question whether Zynga can replicate its amazing success on Facebook to mobile platforms, and the S-1 doesn’t shed too much light on that.
So there are some questions. And of course there are! This is a 4-year old company in a fast-paced industry! There’s always going to be risks, and doubts, and unanswered questions. That’s how business, and the world works.
But there’s no huge, shocking revelation, like we’ve had with other IPOs.
And that, in itself, is a good thing. It means that, despite all the naysayers, all the bubble-bubble people, internet and social network entrepreneurs are building businesses that are serious, real and successful.
That’s the biggest news of the Zynga IPO, and it’s a very, very good one.
Don’t Miss: Here’s Who Gets Rich Off The Zynga IPO →