WaTunes: Pandora Files For IPO As It Nears Profitability

February 13, 2011 at 12:43 am Leave a comment

Source: Hypebot

<img class="asset asset-image at-xid-6a00d83451b36c69e20148c7b3a3f5970c" title="image from www.wdaz.com” src=”http://www.hypebot.com/.a/6a00d83451b36c69e20148c7b3a3f5970c-100wi&#8221; alt=”image from www.wdaz.com” style=”margin: 0px 5px 5px 0px;” /> Pandora announced on Friday that it has filed Form S-1 with the U.S. Securities and Exchange Commission as the first step towards an initial public offering of stock.  Pandora has a commanding 50% share of all internet radio listening time among the top 20 stations and networks in the U.S. according to Ando Media.

According to the SEC filing, the company's revenue was "$55.2 million and $90.1 million in fiscal 2010 and the nine months ended October 31, 2010, respectively." That meant that Pandora had a net loss of $16.8 million in fiscal 2010 that narrowed to just $0.3 million in the nine months ending October 31, 2010.

The booking managers of the proposed offering will be Morgan Stanley and J.P. Morgan Securities LLC.  Co-managers will be William Blair and Stifel Nicolaus Weisel. The number of shares to be offered and the price range for the offering have not yet been determined.

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