Pandora Files for $100 Million IPO

NEW YORK ( TheStreet) -- Pandora Media is looking to raise $100 million through an initial public offering, according to a Form S-1 registration statement filed with the Securities and Exchange Commission on Friday.

The Internet radio company has yet to determine how many shares it will sell or what price range the stock could be offered at. Morgan Stanley ( MS) and J.P. Morgan ( JPM) are acting as bookrunners for the stock sale,. which is being co-managed by William Blair and Stifel Nicolaus.

Pandora said it had roughly 80 million registered users as of January 2011, and that it had streamed more than 3.9 billion hours of radio listening in the fiscal year ended on Jan. 31. The company's service, which is free but sprinkled with advertising, allows users to create "stations" based on the bands and artists that they like. It then plays songs by not only that artist but also other bands whose music has similar characteristics.

The financials offered up by the company, which launched in 2005, show it's still operating in the red but that it's making pretty good progress toward turning a profit. For its fiscal 2010 ended on Jan. 31, 2010, Pandora posted a net loss of $16.8 million on revenue of $55.2 million. For the nine months ended on Oct. 31, however, its net loss shrank to $300,000 as revenue swelled to $90.1 million.

In addition to streaming online, Pandora's service is offered as an application for Apple's ( AAPL) Iphone and other smartphones as well as coming equipped in certain automobiles.

-- Written by Michael Baron in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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