Pandora Media, which is the leading Internet radio company in the US with 94 million registered users, raised the proposed deal size for its upcoming IPO on Friday. The Oakland, CA-based company now plans to raise $162 million by offering 14.7 million shares at a price range of $10 to $12. The company had previously filed to offer 13.7 million at a range of $7 to $9. At the mid-point of the revised range, Pandora Media will raise 48% greater proceeds than previously anticipated, and will raise the market capitalization on the company to $2.1 billion. Pandora Media, which was founded in 2000 and booked $167 million in sales for the last 12 months, plans to list on the NYSE under the symbol P. Morgan Stanley, J.P. Morgan, and Citi are the lead underwriters on the deal, which is expected to price during the week of June 13.
