Pandora Wants to Go Public, Will Sell $109.5 Million in Shares
Pandora Wants to Go Public, Will Sell $109.5 Million in Shares
Posted 06/03/2011 at 7:03am
| by Paul Lilly
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In what's starting to become eerily reminiscent of the Dot-com boom that took place in the 1990s, the popular tech companies to today are trending towards going public. LinkedIn started it by soaring 170 percent on its first day of trading, which no doubt prompted Groupon to file for a $750 million IPO. Now Pandora wants in on the action and has filed for a comparatively modest $109.5 million IPO.
Reuters says the company and its owners will sell 13.68 million shares at $7 to $9 each. Pandora will sell a total of five million of the shares. If we split the difference and calculate the shares going for $8 each, the streaming music company would command a market value of $1.27 billion, according to Renaissance Capital.
Pandora Media was founded in 2000 and currently claims 94 million registered users (as of April 30, 2011). Pandora more than doubled its ad revenue in the first quarter of 2011 to $51 million. The company plans to list on the New York Stock Exchange under the symbol "P."
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routine
June 03, 2011 at 10:13am
I like Pandora, a lot -- I signed up for Pandora One. But they haven't made any changes since inception. The UI is awful. On the webpage, the UI is way too small. And there are problems with the Windows App too -- like for example knowing which channel is playing during Quick Mix.
two features I'd like to see added:
1. better channel management, seriously, why is it so small?
2. more quick mixes. Gimme more than 1 quick mix, please. Let me save em.
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