By Leena Rao
Music streaming service Pandora (P) has just filed a new version of its S-1 that indicates the company will be upping the price range of its stock to $10 to $12 per share, giving the company a valuation of $1.9 billion. That’s up from Pandora’s recently pricing of its stock at $7 to $9 per share, at a market cap of $1.3 billion.
According to the filing, Pandora aims to raise as much as $202.6 million in the offerring (up from $141.6 million), and will offer 6,000,682 shares of its common stock with the selling stockholders are offering 8,683,318 shares of common stock in the IPO.
Pandora initially filed its S-1 in February and now has 94 million registered users. A few weeks ago, the company released its most recent revenue numbers, which reflected an increase in both sales and usage for the Internet radio service.
For example, Pandora is adding a new registered user every second. In Pandora’s fiscal year ended January 31, Pandora streamed 3.8 billion hours of radio listening. In the three months ending April 30, Pandora posted revenues of $51 million, up from $29.6 million during the same period in 2010.