(Reuters) - Zynga Inc shares opened as much as 10 percent above their offer price on Friday but then rolled back below the IPO price, showing that investors were still concerned about its dependence on Facebook and its growth prospects and that demand for hot tech IPOs may be waning.
In the opening minutes of trading on the Nasdaq the stock rose 10 percent to $11.00. But then they fall back and were down 1 percent at $9.90.
When asked about the price drop, CEO Mark Pincus said in an interview there were "no regrets."
"Our approach has always been to focus on the longterm," Pincus said. "We thought this was the right time to go public."
"We're going to focus on the products and business results we deliver in the next four to eight quarters and hope the stock market values and appreciates that as they see us deliver it," he added.