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Zynga IPO Reportedly Delayed Thanks to Market Downturn

Gaming company was supposed to go public next month, but that may not happen until November

Investors have been waiting breathlessly for Zynga to make its public debut next month, but the social media gamer's IPO has been pushed back until November, the New York Post reports. 

A spokesperson for Zynga declined to comment, but the company had previously announced that it would go public in September with the goal of raising up to $1 billion. 

However, the financial downturn may have conspired against Zynga's plans.

Also read: IPO Blues: Tech's Hot Summer Cools Off

Following the debt ceiling crisis and financial headaches in Greece and Portugal, the markets have been in tumult for much of August. In the process, what had been a white-hot market for tech IPOs has iced over. 

Seventeen companies that were slated to go public this month have either abandoned their plans or put them on hold. With a mere four offerings this month, August will be the slowest month for IPOs since July 2009, according to the Associated Press.

Zynga, with its reported $1 billion in revenues and solid profits, was seen by many as a potential game changer. It looks, however, like tech investors will have to hold out a little longer for good news. 

Either that or hold their noses and try to get excited about GroupOn.