Posted: Jun 15, 2011 9:42 AM by Posted by Bill Folsom
NEW YORK (AP) - The shares of popular but unprofitable Internet radio service Pandora soared more than 50 percent in its market debut. Its shares rose as high as $26 in early trading on Wednesday, up from its offering price of $16 and valuing Pandora Media Inc. at more than $4 billion. That is easily more than the current value of AOL Inc. but a fraction of such Internet behemoths as Google or Yahoo Inc.
Pandora's offering comes amid a fervor for high-profile Internet IPOs that have just begun to trickle in. The professional networking service LinkedIn Corp. was among the first to its public debut among the latest generation of Web startups. Daily deals site Groupon Inc. has also filed to go public, though it has not yet provided details on its expected price range or amount of shares it plans to sell. "FarmVille" maker Zynga Inc. is also expected to make its public debut soon.
(Copyright 2011 by The Associated Press. All Rights Reserved.)