Pandora, the internet radio company, became the latest web company to go public Wednesday in what has become a full-blown IPO gold rush.
After pricing its shares at $16, Pandora’s [P] stock opened at $20 and then immediately soared to $26, an increase of more than 60 percent. In mid-day trading, the company’s shares had fallen below $20, closing at $17.42, up 9 percent over its opening price.
Like several of its web IPO brethren, Pandora currently loses money. But that didn’t stop the company from raising $235 million at the $16 offering price, well higher than expected range of $10-$12 per share. At the offering price, Pandora was valued at $2.6 billion.
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