NEW YORK (Clare Baldwin and Jennifer Saba) - Online radio company Pandora Media Inc increased the proposed value of its initial public offering by almost 50 percent, hoping to catch investor fever that has taken Internet companies such as LinkedIn (LNKD.N) to new heights.
The Oakland, California-based company is seeking to raise $161.5 million, representing 14,684,000 shares priced at $10 to $12 each.
Last week, Pandora said in a filing that it planned to raise $109.5 million with the sale of 13,684,000 shares offered at $7 to $9 each.
Pandora runs an online service that allows users to stream free music based on feedback from the listener. It is the latest hot Internet company to file for its public debut after a string of other high-profile peers that include online daily deal site Groupon.
(Editing by Lisa Von Ahn)
Copyright 2011 Thomson Reuters. Click for Restrictions.
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