Investors reveled in the chance to buy up shares of Pandora on Wednesday, the latest in what is turning out to be a slew of initial public offerings for unprofitable tech companies.
The Internet radio company started trading at $20 per share on Wednesday, above the company’s target price of $16. The stock immediately jumped as high as $26 a share, an increase of about 63% At $26 a share, Pandora (P) is worth approximately $4.2 billion.
Shares cooled off slightly as the morning progressed but were still trading around $23 just before 10 a.m.
Full story: Pandora stock surges in its IPO