Pandora To Sell 10 Million New Shares Of Stock, Raise New Revenue For Sales Efforts

$231 Million In New Stock

OAKLAND, CA-based PANDORA MEDIA has filed to raise close to $231 million by issuing 10 million new shares of stock. BLOOMBERG reports, "CROSSLINK CAPITAL INC., PANDORA’s biggest stockholder, will sell an additional 4 million shares. Underwriters including JPMORGAN CHASE & CO., MORGAN STANLEY and WELLS FARGO & CO. have a 30-day option to purchase an additional 2.1 million shares, potentially increasing PANDORA’s proceeds to almost $280 million."

The webcaster said it is looking to open local sales offices to compete better with radio stations for advertisers.

"We may use a portion of the net proceeds for potential acquisitions of businesses, products or technologies, although we have no current agreements or understandings with respect to any such transactions," PANDORA wrote in the filing.

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