Skip to main content



) --

Pandora Media


shares dropped 3.9% to $23.06 after the music-streaming company filed a secondary share offering.

In the

proposed filing,

Oakland-based Pandora said it will sell 10 million additional shares, and another 4 million shares from current stockholders.

To appease the bankers on the deal, Pandora said in a filing that it "intends to grant the underwriters a 30-day option to purchase up to an additional 2,100,000 shares to cover over-allotments, if any."

Pandora said it expects to use the proceeds "for general corporate purposes, including working capital and capital expenditures." Also included in the offering, Pandora said it may use the proceeds for acquisitions.

The lead bookrunners on the offering will be

J.P. Morgan


Morgan Stanley


TheStreet Recommends

Wells Fargo Securities


BofA Merrill Lynch


BMO Capital Markets


Canaccord Genuity


Needham & Company


Pacific Crest Securities


Piper Jaffray


William Blair

are acting as co-managers.


Written by Chris Ciaccia in New York

>Contact by



Follow @Chris_Ciaccia