Pandora Seeks to Raise $100 Million Through IPO
The target price for the shares will not be officially set until closer to the date of the IPO.
Pandora has filed plans for an initial public offering (IPO) of stock to take place later this year to securities regulators Friday.
The Oakland, Calif.-based Internet radio service is eyeing $100 million to be raised through IPO, but the number can change as bankers figure out investor demand.
The target price for the shares will not be officially set until closer to the date of the IPO happening. It is said that it won’t happen for another three months at the very least.
Pandora, which was established in 2005 an according to a report has a 50% share of all Internet radio streaming, remains an unprofitable company. Though it has 80 million users in the U.S., it lost $300,000 on revenue of $90 million in its first nine months of the current fiscal year. Another report indicated that the company had “struggled with bankruptcy” and plans for an IPO signify a comeback for the company
The Associated Press and Billboard contributed to this story.