Pandora raises IPO offering price range

By the Associated Press | June 10, 2011 | 11:14 AM EDT

NEW YORK (AP) — The Internet radio service Pandora, raised the price range of its initial public offering on Friday by at least a third to between $10 and $12.

The increase means Pandora could raise as much as $176.3 million in its IPO.

Proceeds for Pandora Media Inc. would be up to about $72 million if the shares price at $12. Selling stockholders would get up to $104.2 million.

The initial pricing put the share price range between $7 and $9.

The IPO from Pandora Media Inc., based in Oakland, Calif., comes amid a sizzling market for the latest generation of Internet companies. These include daily deals site Groupon Inc., which has filed to go public and LinkedIn Corp., which has already completed its IPO.