Pandora Expecting To Raise $200 Million For Its IPO

Pandora, the Internet Radio site is trying to benefit from booming IPO market for tech companies.  It is expecting to raise up to $200 million in its upcoming Initial Public Offering.

According to the new documents filed with the Securities and Exchange Commission, Pandora increased its price target to a range of $10 and $12 dollars per share on a planned initial public offering of over 16 million shares.

The company first filed to go public in February. At that time, Pandora was expecting to raise around $100 million for its IPO.  Then later on June 2, Pandora raised it target price range to $7 to $9 per share for an offering which was worth $142 million.

The Oakland, California based company is growing fast by averaging a new user every second.  Last April, Pandora had around 90 million registered members, up from 80 million in February.

Pandora which started in 2000 as the Music Genome Project, uses special algorithms and user feedback to generate specific music recommendations suited best to its listeners according to their taste in music.

Pandora currently offers listeners with two options: A Free, advertising-supported stream or a paid "Premium" plan which is priced at $36 annually, that offers higher audio quality and no advertisements.


No comments