Everyone’s favorite social media gaming giant, Zynga Inc., will be positioning themselves to become a publicly traded company a week before the Thanksgiving holiday on November 24th, 2011. Breaking news according to a Reuters article, citing two sources who claim caution that the plans might change with new developments.

As recently as late September, Zynga’s IPO has been on the rocks after a 90% profit decline in their second quarter. The company continues to launch new games and is working themselves into the newly launched Google+. With the IPO on the horizon, they may yet still be looking for a high value public offering. It’s been reported previously that the company may be seeking a $1 billion dollar IPO.

The big news that Zynga is leaning on right now to make sure that their IPO values as strong as possible involves the launch of a new version of CityVille in China. By staying on top of releases, pulling in new customers, and demonstrating that they can maintain their popular momentum, Zynga is doing as best they can to provide a framework to show investors that they’re a good call.

However, in the end, it’s going to come down to brass tacks and that’s the numbers.

What we’ve seen so far is that Zynga is capable of producing massively popular games, and they’ve been doing reasonably well on the free-to-play model by partnering with social media franchises like Facebook and Google+. Their business model functions on both ad revenue and virtual item sales; both of which depend heavily on the disposable income of ad vendors (and their ability to target gamers) and that of the gamers who bet into the microtransaction framework.

In this ecology, the next massively popular social game effectively steals the revenue from previous games. It’s all about what your friends are playing.

Zynga might be currently capable of making a $1 billion IPO as they desire, but they’ll have a great deal to live up to when their investors come to call.

So, expect them to have something up their sleeve also this coming Thanksgiving to vindicate their IPO.