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Pandora raising $141.6m in IPO with $1.3bn potential valuation


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Pandora has revealed that it will be pricing its stock at between $7 and $9 per share in its upcoming Initial Public Offering (IPO), valuing the company at up to $1.3 billion if things go well. The company is aiming to raise up to $141.6 million in the offering. The news follows the company’s announcement last month that it made $51 million of revenues in Q1 this year, up 131% year-on-year, based on 34 million active users who spent 1.6 billion hours playing music on the service. However, its first-quarter losses more than doubled to $6.8 million. Pandora is one of several companies with high-profile IPOs this year. Business social network LinkedIn already had its, and Groupon announced its own IPO yesterday (see Wide Angle below). Social games firm Zynga is tipped to be next, after its CEO abruptly pulled out of a tech conference this week.

Sources: Business Insider TechCrunch

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