The bubble hasn't burst yet but everyone is being more cautious in the IPO gold rush.
Zynga's IPO has been much hyped in Silicon Valley. It has already shown a profit and fans believe it could bring in up to $1 billion in revenue this year, according to the San Jose Mercury News.
In its original SEC filing, the company said it was looking to raise $1 billion at a valuation of $10 billion.
However, Wall Street's recent unpredictable swings have caused several companies to pull back from IPOs. More companies have withdrawn their planned public offerings this month than any month since December 2008.
"It makes sense for a bank to protect its clients from a market that could potentially be a bottomless pit," a source told the New York Post.
Earlier this year Pandora and LinkedIn performed well with their initial offerings - but have fallen since. Pandora is down nearly 20 percent and LinkedIn has lost almost a quarter of its value.
Also, Zynga had to revise it paperwork with a 600-page "amendment" that analysts said showed just how intertwined Zynga is with social-network giant Facebook .
However, with Facebook's IPO timing still not set, the important thing for Zynga is that its IPO should still happen first, makinh it somethng of a surrogate for Facebook.
"I think people in some way will look at Zynga's IPO as a proxy for investing in Facebook," Sumeet Jain, a principal at San Francisco investment firm CMEA Capital, has told the Mercury News .