Pandora has raised the proposed value of its IPO by 48 percent, or about US$161.5 million, which represents about 14.7 million shares priced at $10 to $12 each, Reuters reported.
The Internet radio firm said last week that it planned to raise about $109.5 million, with about 13.7 million shares offered at $7 to $9 each.
Based on the $11 midpoint of the company’s new price range, Pandora would be valued at $1.76 billion. Shares sold on the IPO total 6 million, while another 8.7 million shares are being offered to existing shareholders, Bloomberg reported.
This is a sign that technology offerings are still hot in the market. Other Internet firms, such as LinkedIn, China’s Renren and “Russia’s Google” Yandex, have had strong IPOs building on anticipation for potential offerings by Facebook and Twitter.