Pandora Media (P), a leading Internet radio company with 94 million registered users, plans to raise $162 million by offering 14.7 million shares at a price range of $10 to $12. The company had previously filed to offer 13.7 million at a range of $7 to $9. At the mid-point of the revised range, Pandora Media will raise 48% greater proceeds than previously anticipated, and will raise the market capitalization on the company to $2.1 billion. Pandora Media, which was founded in 2000, booked $167 million in sales over the last 12 months. The Oakland, CA-based company plans to list Wednesday on the NYSE under the symbol P. Morgan Stanley, J.P. Morgan, and Citi are the lead underwriters on the deal.
Renaissance Capital analyst Nick Einhorn spoke with Lisa Murphy on Bloomberg Television's "Fast Forward" today regarding expectations for the Pandora IPO.
