Pandora Opens At $20 Per Share With A Market Cap Of $3.2 Billion

Yesterday, music streaming service Pandora priced its IPO at $16 per share (valuing the company at $2.6 billion). The company originally set the range of its IPO at $7 to $9 per share, at a market cap of $1.3 billion; but upped the range last week to $10 to $12 per share , giving the company a valuation of $1.9 billion. Today, Pandora debuted, under the symbol 'P' on the New York Stock Exchange, opening at $20 per share (up 25 percent), valuing the company at $3.2 billion. Within minutes of trading, shares reached as high as $25, giving the company a $4 billion valuation. The company raised $235 million in the IPO, offering approximately 14.7 million shares of common stock. A total of 6 million shares are being offered by Pandora, with selling stockholders offering 8.7 million shares. In addition, Pandora has granted the underwriters a 30-day option to purchase up to approximately an additional 2.2 million shares to cover over-allotments.