Today is the day for music service Pandora’s Initial Public Offering (IPO), and on its eve, the company jacked up the price of its shares again. The anticipated price was originally $7-$9 per share, but late last week Pandora upped this to $10-$12, valuing the company at a potential $1.9 billion (Bulletin, 13-Jun-11). But last night it raised this again to $16 per share, raising $235 million and valuing the company at $2.56 billion. The stock begins trading today on the New York Stock Exchange under the symbol ‘P’. The news also reveals the value of various VC stakes in Pandora at the time of the IPO. Crosslink Capital’s 21.9% stake will be worth $560 million, Walden Venture Capital’s 17.8% worth $455 million, and Greylock Partners’ 13.4% worth $343 million, among other investors. Source: Wall Street Journal
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