Pandora Files to Raise Up to $100 Million in IPO

Pandora, the provider of an Internet radio service, has filed with the Securities and Exchange Commission (SEC) to raise up to $100 million in its initial public offering (IPO). The company has yet to disclose other details of the offering, such as the number of shares to be sold or their expected price range. The IPO would make Pandora the first Internet music firm to go public since Napster in 2002. Pandora said it now counts more than 80 million registered users in the U.S. and commands a more than 50% of all Internet radio listening time among the top 20 stations and networks in the U.S. The company reported revenue of $55.2 million and a net loss of $16.8 million for the fiscal year ended Jan. 31