Zynga Inc., the biggest maker of games on Facebook, indicated in filing with the Securities and Exchange Commission on Friday that it will seek to raise up to $1.15, the biggest initial public offering by a U.S. Internet company since Google Inc.’s debut. The San Francisco Company set terms that would value the online-game developer at less than half of what the company expected a few months ago and well below what some of its recent investors paid.

The maker of Farmville, Mafia Wars and other games expects to offer 100 million shares of Class A common stock at an expected price range of $8.50 to $10.00 per share. That could bring the company $1 billion in cash and place its overall value at about $7 billion, according to the filing. The underwriters will have the option to sell an additional 15 million shares.

People will be watching this IPO carefully for signs that the Internet bubble is back. Still, many are considering Zynga to be a unique tech IPO this year because, unlike its peers that have gone public, Zynga is already profitable. It may be noted Groupon and Linked.in, that went public recently, sold less than 10 percent of their shares.

Zynga has about 230 million players of its free games, which are its assets in advertising and the next is by selling in-game items to players. But only a fraction of those users have paid for in-game items. Adding more mobile games is part of Zynga’s plan to diversify. The company also is towards reducing its dependence on Facebook users. As per the company in November the number of daily active users on mobile devices increased more than 10-fold from November 2010 to September 2011, reaching 9.9 million. By October, the number was 11.1 million. Zynga will trade on NASDAQ under the stock ticker ZNGA.