Zynga, the much antipacted tech IPO, raised $1 billion valuing the company at over $9 billion. However, on its first day of trading, Zynga (ZNGA) closed at $9.48 per share below its IPO price of $10, giving the company a valuation of $6.34 billion.

It took about 10 minutes to crash after it made its trading debut at 11 a.m. today.

It began the day trading at $11 and briefly rose above that to as high as around $11.25 — about 12% higher than its IPO price. Then it came crashing down and it traded below $9.75. This morning it is trading at $8.75 per share.

However, don’t cry for Zynga CEO and Founder Mark Pincus, he is making out ok. His stake in the company is still valued at approximately $1 billion.

Zynga is said to be the largest tech IPO since Google, and is viewed as a barometer for Facebook which plans to IPO next year.

Zynga, launched in 2007, has come from nowhere to dominate an industry led by Electronic Arts valued at $6.7 billion, Activision valued at $13.4 billion and is making head way into areas dominated by Sony and Nintendo.

Zynga, gets most of its users and traffic from Facebook and monetizes them via in-game advertising and selling virtual goods. Virtual goods account for only 3% of ad dollars however account for 95% of Zynga’s revenues. Perhaps investors sobered up after reading the prospectus.