Pandora Sets IPO Terms; VC Shares Are Potentially Worth Over $950M
(Reuters) - Online radio company Pandora Media Inc. filed terms for $109.5 million IPO on Thursday, as it moves ahead with an offering that could tap into the recent investor enthusiasm for Internet stocks. The company and its owners will sell 13.68 million shares at $7 to $9 apiece, according to an amended filing with the U.S. Securities and Exchange Commission. Pandora will sell 5 million of the shares. At the mid-point of the proposed range, the offering would fetch $109.4 million, more than the $100 million the company had used as a preliminary amount in its first filing in February. Pandora has raised about $65 million in venture capital since its founding in 2000, according to Thomson Reuters (publisher of peHUB). The Hearst Corp. and five VC firms now own 72% of the
