Music streaming service Pandora has just filed a new version of its S-1 that indicates the company will be pricing its stock at $7 to $9 per share. Pandora’s stock will be traded on The New York Stock Exchange under the symbol “P.”
According to the filing, Pandora aims to raise as much as $141.6 million in the offerring, and will offer offering 5,000,682 shares of its common stock with the selling stockholders are offering 8,683,318 shares of common stock in the IPO. The pricing of the stock puts Pandora’s valuation at over $1 billion.
Pandora initially filed its S-1 in February and now has 94 million registered users. Last week, the company released its most recent revenue numbers, which reflected an increase in both sales and usage for the internet radio service.
Pandora Radio is an internet radio service, recommendation service, and the custodian of the Music Genome Project. Users enter a song or artist that they enjoy, and the service responds by playing selections that are musically similar. Users provide feedback on approval or disapproval of individual songs, which Pandora takes into account for future selections. While listening, users are offered the ability to buy the songs or albums at various online retailers. As part of the Music Genome Project, over...