Pandora Sets IPO Terms
In a regulatory filing yesterday, Oakland, CA-based Pandora Media revealed the hoped-for terms of its upcoming public offering. The company intends to sell 5 million shares of common stock, while stockholders will sell another 8.7 million shares, at a price of $7 to $9 per share. That would bring in between $96 million and $123 million in new capital and give Pandora a market capitalization of $1.1 to $1.4 billion. The company’s largest shareholders are Crosslink Capital, Walden Venture capital, Greylock Partners, Labrador Ventures, and Hearst Corp.; only Hearst plans to sell shares in the IPO.