Pandora ups IPO price to $10 to $12 per share
The online music service has bumped the share price up from the previously announced range of $7 to $9 per share.
Pandora has increased its initial public offering price.
The streaming-music provider filed a document with the Securities and Exchange Commission today, indicating that it would be offering its shares for between $10 and $12 when they hit the New York Stock Exchange under the ticker "P." The company previously announced that it would offer its shares in the range of $7 to $9.
Pandora, expected to go public soon, will register nearly 16.9 million shares with the SEC, including over 2.2 million that underwriters can purchase to cover over-allotment after the stock goes on sale. All told, the company hopes to raise as much as $202.6 million in its IPO., Pandora filed a document with the SEC indicating that it hoped to raise approximately $140 million in its IPO.
Pandora will become another in a growing number of online companies hitting the U.S. stock market. Last month, business-networking site LinkedIn. Though it ended the day up 109 percent to $94.25 per share, at one point on its first day, it was trading at $122.70.
That success wasby the IPO of Russian search engine Yandex. The firm's shares, which were offered at $25, ended their first day up to $37.75.
Now, another online titan is eying an IPO. Last week,valued at $750 million.