More Pandora IPO

MORE PANDORA: By mid-afternoon, Pandora’s stock price had settled under $20 a share, aith a $3.25 billion valuation, according to a live blog on the Huffington Post. At 11 a.m. (PT), the price stabilized at between $18-19, down from a high of $26 a share earlier, but up from its opening price of $16, with a $2.6 billion valuation. Greencrest Capital analyst Anupam Palit said, “I still think it’s heavily overvalued.” At the start of the day, Pandora set the pricing of its IPO of approximately 14.7 million shares of common stock at $16. A total of approximately 6.0 million shares are for sale, while about 8.7 million shares are being offered by selling stockholders. In addition, Pandora has granted the underwriters a 30-day option to purchase up to an additional 2.2 million shares to cover any over-allotments. Pandora common stock will trade on the NYSE under the symbol “P.” (6/15p)