Pandora Media Priced Shares at $16 in IPO
Wednesday, June 15, 2021 7:24 AM

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Online radio company Pandora Media Inc., whose shares are expected to start trading today on the New York Stock Exchange under the ticker symbol “P”, sad late Tuesday that it has raised its share price expectation in its initial public offering to $16 a share, above an already raised range.

The company has raised $235 million based on 14.7 million shares it planned to sell, according to SEC filings. The company is currently valued at $2.5 billion, which is yet to turn a profit.

Just last week, Pandora increased its price target range to $10 to $12 per share, and now the company has raised it again to $16 a share. The company is considered to have raised its share price in order to take advantage of the red-hot valuations for Internet companies in the market.

Pandora radio station generates playlists based on a user's favorite artist or song. As part of the company's Music Genome Project, songs are analyzed according to musical features -- including details of instrumentation, harmony, lyrics, melody, rhythm, and vocals. Users enter the name of a song, and Pandora creates a playlist of songs with similar characteristics. Pandora's service, free to its more than 80 million registered users and available only in the US, is supported by local and national advertising.

 

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