NEW YORK ( TheStreet) -- Pandora Media (P - Get Report) saw heavy demand for its initial public offering on Tuesday, pricing 14.7 million common shares at $16 each, well beyond the projected range of $10-$12 per share.
The Internet radio company had boosted the range to $10-$12 per share on Friday from the original range of $7-$9 per share view, while also increasing the size of the offering by a million shares.
Tuesday's pricing will result in proceeds of roughly $235 million for Pandora, which follows in the footsteps of recent Internet IPO successes LinkedIn (LNKD - Get Report) and Yandex (YNDX - Get Report).
In its latest amended S-1 filing last week, Pandora said its losses swelled to $6.8 million in the April-ended quarter from $3 million last year. Including stock and dividend awards, the latest loss equaled $9.1 million. Revenue, however, jumped to $51 million for the three-month period from $21.6 million in the same period a year earlier.Pandora is set to start trading on Wednesday on the New York Stock Exchange under the ticker symbol "P." The company, which said it had more than 90 million registered users at the end of April, has said the majority of the stock being sold in the offering is coming from selling shareholders, roughly 9 million shares, while it's offering up 6 million shares. -- Written by Michael Baron in New York.
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