Pandora Launches IPO, Market Cap: 2.87 Billion

Chris CrumBusiness

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It wasn't that long ago that Pandora was on the verge of going under thanks to royalty issues, but the company survived and went on to become the premier Internet radio service, giving users free music based on the artists and songs they like.

Pandora had its initial public offering today, opening on the New York Stock Exchange under the symbol "P". The company priced about 14.76 million shares of common stock at $16 per share, with a total of about 6 million shares are being offered by Pandora, and 8.7 million shares by selling stockholders.

Pandora also granted underwriters a 30-day option to purchase up to an additional 2.2 million shares to cover over-allotments.Here's a glimpse of what the stock is doing at the time of this writing, via Google Finance:

Pandora Stock on Google Finance

Good morning from the New York Stock Exchange! 7 hours ago via web · powered by @socialditto

A great shot of the Pandora team ringing the opening bell at the New York Stock Exchange this morn: 6 hours ago via web · powered by @socialditto

Obviously Pandora has had a big day, but they haven't been too busy not to wish Ice Cube a happy birthday:

Happy Birthday to Ice Cube! #ItWasAGoodDay 2 hours ago via web · powered by @socialditto

And in the end, that's what really matters.

Pandora has a market cap of 2.87 Billion.

Chris Crum

Chris Crum has been a part of the WebProNews team and the iEntry Network of B2B Publications since 2003. Follow Chris on Twitter, on StumbleUpon, on Pinterest and/or on Google: +Chris Crum.