In a move reminiscent of LinkedIn's recent offering (and driving home investor demand for high-growth Internet names), Pandora (P +0.5%) has upsized its stock offering to 18.2M shares from a prior 14M, while pricing it at $25. (PR)
Whereas the company and VC firm Crosslink Capital were originally planning to sell 10M and 4M shares, respectively, they're now selling 13M and 5.2M. Underwriters have a 2.7M-share overallotment option, and the offering is expected to close on Tuesday.
Pandora stands to reap gross proceeds of $325M. Its diluted share count is set to rise by over 7%.