Pandora Media, a leading Internet radio company with 90 million registered users, announced terms for its much-anticipated IPO on Thursday. The Oakland, CA-based company plans to raise $109 million by offering 13.7 million shares, including 8.7 million from selling shareholders, at a price range of $7.00 to $9.00. At the mid-point of the proposed range, Pandora Media will command a market value of $1.27 billion. Pandora Media, which was founded in 2000 and booked $167 million in sales for the 12 months ended April 30, 2011, plans to list on the NYSE under the symbol "P." Morgan Stanley, J.P. Morgan, and Citi are the lead underwriters on the deal.
