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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Tattoo artist says Casey Anthony seemed normal, happy 12:42am EDT Divided Wisconsin Supreme Court upholds anti-union law 14 Jun 2011 Pakistan arrests CIA's bin Laden informants-report 12:49am EDT Sleep position may affect stillbirth risk 14 Jun 2011 TV time tied to diabetes, death 14 Jun 2011 Discussed 127 Alabama governor signs nation’s toughest immigration law 111 Obama weighs new steps to boost jobs 71 Obama holds off challengers despite economy Watched Airbus' view of flying in the future Mon, Jun 13 2011 Obama resigns from church Mon, Jun 2 2008 Bernanke's debt crisis warning 3:25am EDT small business brad feld: Your idea is not special Every day, venture capitalist Brad Feld receives pitches from entrepreneurs who think their idea is unique. "And they are wrong," he says, noting that Google was not the first search engine and Facebook was not the first social network. What matters most, he says, is "the entrepreneurs’ execution of the ideas." Full Article Top 50 small business workplaces Notes on raising seed financing Pandora prices at $16 per share, above range Tweet Share this Email Print Related News Facebook looking at IPO in first quarter: report Mon, Jun 13 2011 Pandora increases IPO value by 48 percent Fri, Jun 10 2011 Fusion-io soars in debut as appetite for tech companies rages Thu, Jun 9 2011 Apple's Jobs takes stage to talk iCloud Mon, Jun 6 2011 Bankrate's IPO seen valuing co at about $1.6 billion Mon, Jun 6 2011 Analysis & Opinion Silicon Valley recruiter on tech hiring frenzy: â€œEveryoneâ€™s desperateâ€ Tech wrap: Apple’s iCloud on the horizon Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Media » By Jennifer Saba NEW YORK | Wed Jun 15, 2011 2:05am EDT NEW YORK (Reuters) - Online radio company Pandora Media priced shares in its initial public offering above an already raised range on Tuesday, the latest company to take advantage of red-hot valuations for Internet companies. The company priced its shares at $16 each, according to a source familiar with the deal. The company raised $235 million based on 14.7 million shares it planned to sell, according to a government filing. Late last week, Pandora increased its price target range to $10 to $12 per share. The company's shares are expected to begin trading on the New York Stock Exchange on Wednesday under the symbol "P." Internet companies such as Pandora, professional networking company LinkedIn and online daily deal site Groupon, which filed to go public earlier this month, remain a healthy part of the U.S. new issue market, despite a broader downturn and postponements of other large IPOs like Ally Financial. While the Oakland, California-based Pandora has yet to turn a profit, it is valued at about $2.5 billion. LinkedIn and other Internet companies such as China's Renren and Russia's Yandex have had strong IPOs building on anticipation for potential offerings by Facebook and Twitter. "All these guys are trading on potential, not on existing earnings," said Wedbush analyst Michael Pachter. "I think Pandora's model is going to evolve." Pandora runs a service that personalizes the listening experience by recommending songs based on member feedback, allowing members to create their own playlists based on a song, artist or genre. Users can listen to the service through computers, smartphones and devices that hook into home entertainment centers such as the Roku box. Pandora has also struck up partnerships with auto manufactures including Ford, General Motors and Mercedes-Benz. With 90 million registered users in the United States, Pandora makes money mainly from advertising and it has to pay significant royalties for music. For the three months ending April 30, 2011 Pandora reported revenue of $51 million with a net loss of $6.8 million. "We don't believe Pandora has constructed a moat in the face of powerful music labels and an unproven revenue model, particularly versus the competition," according to a research note from Morningstar. Pandora is going up against satellite radio provider Sirius XM Radio Inc, music services such as Rhapsody, not to mention the spate of music storage lockers that can be accessed anywhere from the likes of Apple, Google and Amazon. Founded in January 2000 as TheSavageBeast.com, the company changed its name five years later to Pandora Media. Underwriters on the IPO were lead by Morgan Stanley, JPMorgan and Citi. (Reporting by Jennifer Saba; Editing by Bernard Orr, Phil Berlowitz) Technology Deals Global Deals Data 2011 Q1 Media Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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