NEW YORK ( TheStreet) -- Internet radio hot spot Pandora Media is going public.The Oakland, Calif.-based company filed an S-1 registration Friday with the Securities and Exchange Commission letting regulators and investors know it is looking to do an initial common stock offering to raise around $100 million. Pandora's revenue from advertising sales and partnership subscriptions is solid, but the company has posted a net loss for the past three years, according to the filing. (Its fiscal year ends Jan. 31.)
- A minimum of $500 million to $1.5 billion in annual revenue.
- Two to three quarters of profitability.
- A compelling growth story, and a compelling reason for investors to buy the firm's stock.
- A specific reason to want the money and a clear reason on how the money will be used.
- A IPO deal seeking at least $50 million to $100 million.
- A seasoned management team, including a chief financial officer experienced at public offerings, and strong board of directors.
- Underwriters experienced in a firm's specific industry.
- It is too reliant on any one person.
- The owner doesn't have a clear understanding of how the money will be invested.
- There is no clear plan for growth.
- The owner doesn't understand the increased regulatory environment and is not comfortable having a much more demanding shareholder.
- The owner doesn't need the money.
- Of the five companies, Tornier (TRNX), an Amsterdam-based orthopedic device specialist, was the largest deal at $166 million. Still, the stock closed Tuesday at $18.45 -- below the $19 IPO price it announced Feb. 2.
- AcelRx Pharmaceuticals (ACRX), which debuted Friday, priced 8 million shares at $5 per share -- well below its expected trading range. The IPO raised gross proceeds of about $40 million. The stock closed Tuesday at $4.31.
- Trunkbow International Holdings (TBOW), a Beijing-based mobile application provider that began trading Feb. 3, also priced its stock below the previously expected trading range at $5 per share. The IPO raised gross proceeds of $20 million. The stock closed Tuesday at $4.62.
- Pacira Pharmaceuticals (PCRX) priced its $32 million IPO at $7 a share Feb. 3. The stock closed on Tuesday at $6.91.
- Kips Bay Medical (KIPS) of Minneapolis priced shares at $8, raising gross proceeds of about $16.5 million. The stock closed Tuesday at $7.93.
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