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: Alibaba surges in Wall Street debut (Update)

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

Related Stories

Recommended for you

Alibaba makes Wall Street debut

Sep 19, 2014

Alibaba made its long-awaited Wall Street debut Friday on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant.

Alibaba IPO to boost employee fortunes to $8 bn

Sep 19, 2014

Employees of Chinese e-commerce giant Alibaba will see their fortunes swell to nearly $8 billion as the company prepares a massive US stock offering that could be valued at $25 billion.

Alibaba mega IPO caps founder Jack Ma success tale

Sep 19, 2014

When Jack Ma founded Alibaba 15 years ago he insisted the e-commerce venture should see itself as competing against Silicon Valley, not other Chinese companies. That bold ambition from a time when China was ...

User comments : 0