Saturday, February 12, 2011

The talk of my hotel lobby this morning

Pandora files $100 million Initial Public Offering and the desk clerk says "The've had the same web site for years". From Radio Info:

The S-1 filing hit the SEC today (2/11), a week after the Internet radio operator attracted two new board members. Pandora told last month's CES Convention in Las Vegas that its number of registered users has now passed 80 million, and the stage seemed to be site for an IPO. The pricing and the number of shares are yet to be determined, but this is an important first step for the 10-year-old music-streaming company based in Northern California. Pandora reports $90.1 million in revenue for the nine months ended October 31, and a net loss of $300,000.

The company's prospectus includes sections on "How we are re-defining radio" and "Why our advertisers choose Pandora." Morgan Stanley and JPMorgan Securities are the bookrunning managers of the offering, with co-managers William Blair & Company and Stifel Nicolaus Weisel. Read Pandora's IPO filing at the SEC site, here. The Radio & the Internet Board of was quick to pick up the news of the IPO, here.

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