Pandora Raises Share Price By $3 In IPO
It looks like Pandora has changed its mind on its shares of stock since it’s original IPO (initial public offering). The company has just issued an amendment raising the share price from $10-$12. This is a $3 per share raise from its original average, and brings the company’s valuation from $1 billion to nearly $2 billion.
Since there are nearly 15 million shares up for the taking, Pandora expects to raise about $203 million from the initiative, or $60 million more than it’s original offering. Pandora currently rocks a user-base of 94 million, compared to 53 million the previous year. Likewise, users spend two times more time on the site than they had the previous year (rising from 0.7 billion hours to 1.6 billion hours).
Interestingly enough, Pandora was originally founded in the late 90s (as “Savage Beast”) for retailers who wanted to provide background music for their customers. The startup was originally funded through eleven credit cards and by passing I.O.U’s out to the employees until founder Tim Westergren was able to secure funding in 2005.
The company plays a total of 800,000 songs, and it makes one wonder when it will hit a million, or even ten million songs. Let us know some of your thoughts down below!