Pandora IPO Debuts At $20 A Share

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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