Pandora shares cool following IPO jump

Pandora Media Inc. saw its shares cool by midday following a strong jump on the streaming media company’s initial public offering.

At last check, Pandora /quotes/zigman/5419837/quotes/nls/p P +18.44% shares were trading at $18.67 — about 17% above the IPO price of $16 but below the day’s opening trade price of $20. The company priced its initial public offering late Tuesday well above its recently raised range of $10 - $12 per share.

The stock trades on the New York Stock Exchange under the ticker symbol “P. ”

The company said in its filing with the Securities and Exchange Commission that it expects to have about 159.7 million shares outstanding following the offering, though that number could rise to 161.9 million if underwriters exercise their over-allotment options.

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- Posted: 2011-06-15 13:01:46

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