Social gaming giant Zynga has announced that it’s pricing its stock at $12 per share in its $515 million secondary offering. The 42,969,153 shares will be sold by existing stockholders, and Zynga won’t receive any proceeds from the sale.

In an S-1 filing last week, it was revealed that CEO Mark Pincus will sell 15% of his shares, and his voting power after the sale will drop to 35.9% from 36.5%. Those selling shares in the offering include IVP, SilverLake, Union Square Ventures, Google, Reid Hoffman, Jeffrey Katzenberg, Owen Van Natta, General Counsel Reggis Davis, COO John Schappert and CFO Dave Wehner.

Zynga is attempting to manage the lock-up period for employees, and states it seeks to “facilitate an orderly distribution of shares and to increase the company’s public float.” Basically, Zynga is trying to avoid employees all selling their stock at the same time, which devaluates the shares. Zynga states that employees have transfer restrictions of their shares for 90 days after the secondary offering. The primary purpose of this is to facilitate the even distribution of shares.

Interestingly, the current market value of Zynga stock is $12.31 – perhaps Zynga is just rounding down? In December, the stock was priced at $10 per share at the time of IPO.