Popular internet radio service Pandora files for IPO
February 12th, 2011 - 10:55 pm ICT by BNO NewsOAKLAND, CALIFORNIA (BNO NEWS) — Internet radio service Pandora Media, Inc. on Friday announced that it had filed a registration statement relating to a proposed initial public offering of shares of its common stock, reportedly looking to receive around $100 million.
The radio service, which is offered for free, has around 80 million users with its large catalog of over 80,000 artists, however, despite its popularity, Pandora has yet to make a profit.
Around one year ago, the company reported a $16.8 million loss for the first 9 months of 2009. In its last report, the company almost broke even, reporting a loss of $328,000 with a revenue of $90.12 million, which is over $30 million more than the previous report.
Pandora’s biggest income comes from advertisement ($77 million), while its income from subscriptions ($12.2 million) only accounts for around 10 percent of its total revenue.
The number of shares to be offered and the detailed price range for the offering have not yet been determined, but in the company’s economic strategy to go public, it is looking to post its first profits.
Pandora also announced that its bookrunning managers of the proposed offering will be Morgan Stanley & Co. Incorporated and J.P. Morgan Securities LLC, while co-managers will be William Blair and Company, L.L.C. and Stifel Nicolaus Weisel.
- LinkedIn files registration for proposed public stock offering - Jan 28, 2011
- Oil India's Q3 net profit up 26.58 percent - Feb 05, 2011
- Dow closes up 46 points, positive outlook after Monday's 80-point drop - Sep 29, 2010
- Wipro outlook cautious on flat growth (Lead) - Apr 25, 2012
- U.S. newspapers saw ads revenue decline by more than 6% in 2010 - report - Mar 14, 2011
- Ford Q1 profit down 45 percent year on year - Apr 28, 2012
- Wipro's IT outlook remains flat on marginal growth (Lead) - Jan 20, 2012
- Infotech's revenues up by 30 percent - Apr 18, 2012
- Idea Cellular's third quarter net profit declines - Jan 23, 2012
- Sun TV to monetise viewership of kids and comedy channels - Jul 28, 2010
- Wipro net flat in second quarter - Oct 31, 2011
- Tata Teleservices Q2 net profit falls 9 percent - Oct 25, 2010
- Tata motors Q1 net profit up 1.4 percent - Aug 11, 2011
- Idea Cellular quarterly net profit falls 13 percent - Apr 26, 2012
- Power Grid's third quarter profit up 21.18 percent - Feb 08, 2011
Tags: 100 million, 30 million, blair and company, bno, common stock, economic strategy, first 9 months, income comes from, initial public offering, internet radio service, j p morgan, j p morgan securities, morgan stanley, morgan stanley co, oakland california, pandora, registration statement, stifel nicolaus, weisel, william blair and company