Pandora Jacks IPO to $161.5M

Betting on LinkedIn-esque investor frenzy
By Polly Davis Doig,  Newser Staff
Posted Jun 11, 2011 7:59 AM CDT
Tim Westergren, Chief Strategy Officer & Founder of Pandora, arrives to the annual Allen & Co. Media conference in Sun Valley, Idaho, Tuesday, July 6, 2010.   (AP Photo/Nati Harnik)
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(Newser) – This is getting to be one pricey box to open: Pandora has jacked the price of its hotly anticipated IPO to $161.5 million, reports the New York Post, up from a slightly more modest $109.5 million last week and $100 million in February. The stock market may be tanking, but the Internet radio company is betting it can still cash in on investor thirst for tech IPOs, a la the frenzy that surrounded LinkedIn last month. Pandora's $161.5 million pricetag would value an offering of 14.7 million shares at $10 to $12 apiece.

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