Flotation flyer for Pandora
Pandora, the internet radio company with 90 million subscribers, soared in value on its debut on the New York Stock Exchange yesterday, following in the footsteps of LinkedIn and Yandex to become the latest soaraway dot.com flotation.
The loss-making company and its founders sold $235m (£145.2m) of shares, pricing the offering above the top of the indicated range – which had already been raised to reflect large demand.
The stock enjoyed a further pop on its opening, trading at one point 25 per cent above the $16 float price.
Pandora selects songs for listeners based on an algorithm it calls the Music Genome Project, and makes revenues from advertising or subscription fees by users who do not want ads.
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