Pandora online music shares debut

By
-
0
107
Audio Attachment Listen to President Mills and Mr Ofosu-Ampofo President John Evans Atta Mills has reassured Ghanaians that the government would not shirk its responsibilities with an emphatic statement, “we shall deliver”. Even though the government has come under severe criticism, mainly from the oppositions, for non-performance, the President at an assessment conference gave high marks to his representatives at the local government level for their impressive performance. “I have been very much impressed by what I have seen

15 June 2011 Last updated at 15:42 ET

The US internet radio service Pandora Media rose sharply on its debut on the New York Stock Exchange, before falling back.

The firm, which has yet to make a profit, had an offering price of $16 (£9.76) a share.

It rose as high as $26 a share on Wednesday before settling down to around $18.75.

The share price values the company at about $3bn, which is well above the current value of AOL, for example.

Pandora is the latest in a series of high-profile internet share sales, with LinkedIn already having floated and Groupon planning a listing.

LinkedIn has a market capitalisation of about $7bn.

Facebook is also expected to launch on the stock market in the next year.

Pandora started out as a music recommendation service called Savage Beast Technologies in 2000.

It changed its name in 2005 when it launched an internet radio service, which allows users to create custom radio stations by specifying which artists and genres they want to hear.

It has 94 million registered users and makes most of its money through advertising.

More:
Pandora online music shares debut