Another Internet Company's IPO Is Successful

Originally published on June 15, 2011 7:05 am
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RENEE MONTAGNE, Host:

NPR's business news starts with yet another Internet IPO.

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MONTAGNE: The Internet music service Pandora will start selling shares to the public today on the New York Stock Exchange. This IPO, or initial public offering, is part of a frenzy for stocks in Internet companies, especially those that connect people and have huge numbers of users. Pandora has more than 90 million. It's still losing money. But excitement over Pandora's IPO has pushed up the initial offering price to more than double what was expected a couple of weeks ago. The company is now valued at more than $2 billion. Transcript provided by NPR, Copyright NPR.