Music streaming service Pandora is set to launch its IPO on Wednesday, attempting to raise $U200 million in a float that will value the company in excess of $US2 billion, various reports have stated today.
According to Bloomberg, Pandora is set to begin trading on Wednesday, with TechCrunch reporting the company will seek an opening share price of $US16. It also says the stock will begin trading on the New York Stock Exchange.
The listing is the second of a new wave of tech IPOs following last month’s successful LinkedIn float – the social network’s shares have more than doubled. Analysts will be carefully watching the Pandora float ahead of similar moves from tech giants such as Facebook, and gaming giant Zynga.
Pandora allows users to stream music over the internet and their smartphones without actually paying to download it – the service works as a radio station. Users then tell the service which music they like or don’t like, and Pandora learns their preferences over time.
The site now has 94 million users, and streams over three billion hours of music every year. However, due to copyright restrictions Australian users are unable to access Pandora.
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