Pandora Seeking To Raise Funds



Internet radio service Pandora is going ahead with an underwritten public offering of 10,000,000 shares of its common stock. An additional 4,000,000 shares will be offered by Crosslink Capital, a venture capital firm. In addition, Pandora intends to grant the underwriters a 30-day option to purchase up to an additional 2,100,000 shares to cover over-allotments, if any.

The bookrunning managers of the proposed offering will be J.P. Morgan and Morgan Stanley. Wells Fargo Securities, BofA Merrill Lynch, BMO Capital Markets, Canaccord Genuity, Needham & Company, Pacific Crest Securities, Piper Jaffray and William Blair will act as co-managers.

[Image courtesy: Pandora]