Pandora launched its initial public offering Tuesday evening, opening at $16 per share. On Wednesday morning, the Internet radio’s stock price opened at $20, then rose to $26, placing the company’s value at $4.2 billion. Later on Wednesday, the price fell to $18.30. Despite Pandora’s lack of profitability, the surge in its share price was expected. The company offered just 9 percent of its shares to the public, and buyers clamored to sop up the limited supply. The market is still trending a heavy appetite for technology stock.
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Pandora Wows Wall Street
Posted by: Rob Spiegel June 15, 2011 12:35 PMPandora launched its initial public offering Tuesday evening, opening at $16 per share. On Wednesday morning, the Internet radio’s stock price opened at $20, then rose to $26, placing the company’s value at $4.2 billion. Later on Wednesday, the price fell to $18.30. Despite Pandora’s lack of profitability, the surge in its share price was expected. The company offered just 9 percent of its shares to the public, and buyers clamored to sop up the limited supply. The market is still trending a heavy appetite for technology stock.