Out of Pandora’s box has sprung information on pricing, shares being offered and, with a quick multiplication, a $1.45bn valuation for the internet radio company ahead of its imminent IPO.
Following LinkedIn and Yandex’s big flotations, and Groupon’s filing today, the increased amount being raised by Pandora suggests that it is optimistic about greater interest in its offering than when it first filed in February.
Back then, it spoke of raising up to $100m. Today, it increased this figure to up to $141.6m if the maximum of 15.7m shares are sold at the top end of its range of $7-$9 each.
With 160.8m shares then outstanding after the offering, this would value Pandora at $1.45bn.
The amended filing also has details of Pandora’s last fiscal year – ending January 31 – not available in the original February one.
They show impressive growth. We knew before that sales grew from $19m to $55m over the previous two years, but last year they more than doubled again to $138m. Registered users grew from 45m in fiscal 2010 to 82m in 2011, while listener hours more than doubled from 1.8bn to 3.8bn.
Oh, and one other small nugget – the company’s symbol on the New York Stock Exchange will be “P”.
So, even if its debut on the market may not be as large as that of LinkedIn (NYSE:LNKD), in one small way, it is bound to be more memorable.
