Pandora increases IPO value by 48 percent

Online radio company Pandora Media Inc raised the proposed value of its initial public offering by almost 50 percent, hoping to catch the investor fever that has taken Internet companies such as LinkedIn to new heights.

The Oakland, California-based company wants to raise about $161.5 million, representing 14,684,000 shares priced at $10 to $12 each.

Last week, Pandora said in a filing that it planned to raise about $109.5 million with the sale of 13,684,000 shares offered at $7 to $9 each.

The increase in the value of Pandora's IPO is a sign that technology offerings are still a hot part of the market, despite a broader downturn and postponements of other large IPOs like Ally Financial.

Read Full Article from Reuters

- Posted: 2011-06-10 13:13:00

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