Pandora, an internet radio service, has opened for trading on the New York Stock Exchange (NYSE) under the ticker symbol "P" after its initial public offering in which it raised $234.9 million in gross proceeds.
According to a release, Joe Kennedy, CEO & President and Tim Westergren, Founder & Chief Strategy Officer, joined by members of Pandora's management team, celebrated the company's first day of trading on the NYSE by ringing The Opening Bell.
"We are thrilled to welcome Pandora to our community of innovative tech companies," said Scott R. Cutler, EVP and Co-Head of U.S. Listings and Cash Equities, NYSE Euronext. "Pandora has transformed the music experience for millions across the country with its inventive Music Genome Project. We congratulate Pandora on its IPO and look forward to a long-standing partnership with the company and its shareholders."
"We are excited and honored today to call the "P" symbol at the New York Stock Exchange our own," said Joe Kennedy, Pandora President and CEO. "NYSE's experience and enthusiasm for Pandora make them an ideal partner as we look to continue our vision of providing personalized radio to listeners anytime and anywhere. We also thank our entire team, and all those who have helped us reach this milestone."
As of May 31, NYSE Euronext (NYX) led the U.S. market for Initial Public Offerings (IPOs) and new listings both in total capital raised as well as number of transactions for 2011, with $23.4 billion in IPO proceeds raised on the New York Stock Exchange through a total of 53 IPOS (including funds). Pandora joins a series of recent notable TMT listings including: Freescale Semiconductor (FSL); The Active Network (ACTV); LinkedIn (LNKD); Sequans Communications (SQNS), 3D Systems Corp. (DDD); Demand Media (DMD); NeoPhotonics (NPTN); IMAX (IMAX) and Youku.com Inc. (YOKU).
More information:
www.pandora.com
www.nyx.com
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