Jun 14, 2011 9:14 PM by Jeannette Hynes
SAN FRANCISCO (AP) - Pandora Media sold its initial public
offering of stock at $16 per share Tuesday. That's double what the
popular but unprofitable Internet radio service expected less than
two weeks ago.
The IPO's completion sets the stage for Pandora to make its
stock market debut Wednesday morning with a market value of $2.6
billion. That's a lofty appraisal for a company that has lost a
total of $92 million during its 11-year history.
The buyers of the 14.7 million shares sold in Pandora's IPO are
betting the recent fervor for new stock offerings from rapidly
growing Internet services will quickly drive up the company's stock
price. That's what happened last month after the IPO of LinkedIn
Corp., the company behind the world's largest site for business
(Copyright 2011 by The Associated Press. All Rights Reserved.)