It may not be profitable, but it sure seems to be in demand. Pandora, which brings streaming music to employees avoiding productivity in businesses large and small, is upping the ante with its IPO, according to a report from AllThingsD. Simply put: the price is already going up.
Only a week ago, the company was said to be seeking a valuation of around $1.3 billion, and now it wants another $600 million! It looks like Pandora is shooting for a valuation of $1.9 billion with a share price of $10 to $12. The original range was $7 to $9. At the new levels, Pandora could raise as much as $142 million in fresh capital.
Pandora is set to start trading on the New York Stock Exchange on June 15, 2011, following LinkedIn to the Wall Street-based exchange.