Pandora Media Inc. (P) debuted on the New York Stock Exchange today at a per-stock price of $20.32 before immediately jumping to a peak of $24.25. Pandora has gained incredible user adoption thanks to its push on smartphones.
Company stock was originally set for an initial price range from $7 to $9, but the offer finally completed at $16 per share. Pandora raised $235 million through the IPO. Stock is now hovering around $20.30, giving the company a market cap past $3 billion and a valuation of nearly 20 times its revenue for last year.
The Oakland, Calif.-based company was founded in 2000, built upon the Music Genome Project, but has never turned a profit.
Pandora rakes in $235M on IPO
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