Pandora Files For IPO As It Nears Profitability
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.
More: Our Video Interview With Pandora Founder
I just had a conversation with a banker who said JP Morgan picked up lots of investment bankers who lost their jobs do to their firms having troubled times. This is a big pick-up that I’m sure Goldman would have appreciated having. It is nice seeing a technology based music firm (aside form iTunes) improving its financial position and becoming a huge player.
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