Pandora Media Inc, the Internet radio company, has raised its estimated IPO price range due to strong demand to $10 - $12 and said it will now offer 14.7 million shares.
In its original filing earlier this month with the Securities and Exchange Commission, the company said it planned to sell 13.7 million shares at a price estimated between $7 and $9 per share.
The demand for Internet companies has been incredibly strong this year. LinkedIn Corp's (NYSE:LNKD) stock price exploded on its first day of trading, and Russian company Yandex N.V. (NASDAQ:YNDX) had a very strong IPO just 3 weeks ago. Groupon Inc's highly anticipated upcoming IPO could be the biggest of the year.
At $12 per share, $176.4 million would be raised in total and Pandora would be valued at $1.76 billion. The company increased the shares it is selling itself to 6 million from 5 million, while existing investors are selling the remaining 8.7 million.