Pandora boosts stock offering as shares hit high

Sep 19, 2013

Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help trim its songwriter royalty costs.

On the heels of the ruling, the company is also hoping to raise more money from investors in a stock sale. On Thursday it increased the number of shares it is offering to the public and raised the offer price to $25 from $23.99. That could net it as much as $379 million, $100 million more than a plan it unveiled three days ago.

The stock is up 5 percent at $26.98 in midday trading. It peaked earlier Thursday at $27.21 and has nearly tripled this year. Investors are happy with the Oakland, Calif., company's revenue growth and the appointment of its new CEO, Brian McAndrews.

Explore further: Pandora Media to issue new stock; shares fall

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Recommended for you

Report: China to declare Qualcomm a monopoly

15 hours ago

(AP)—Chinese regulators have concluded Qualcomm Inc., one of the biggest makers of chips used in mobile devices, has a monopoly, a government newspaper reported Friday.

User comments : 0