Pandora boosts stock offering as shares hit high

September 19th, 2013 in Technology / Business

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.

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"Pandora boosts stock offering as shares hit high." September 19th, 2013. http://phys.org/news/2013-09-pandora-boosts-stock-high.html