Pandora, the music streaming company, saw its valuation rocket to $4.2bn (£2.6bn) in the first hour of trading at its flotation on the New York stock exchange – $1.6bn higher than anticipated.
Shares in Pandora traded at $26 each in the opening minutes of its market debut on Wednesday, 60% higher than the loss-making company’s initial offer price of $16.
Pandora’s shares opened at $20, up 25%, and went as high as $26, briefly valuing the company at $4.2bn – more than twice the value of AOL.
Full story: Pandora valuation soars to $4.2bn