SAN FRANCISCO — Popular Internet radio service Pandora is tuning up for an IPO later this year, outlining its plans for an initial public offering in a filing with securities regulators yesterday.
The documents indicated Pandora will seek to raise $100 million, although that figure can change as bankers gauge investor demand. A target price for the shares won’t be set until the IPO is closer, which probably won’t happen for at least three months.
Pandora Media Inc. started streaming songs over the Internet in 2005. It now has 80 million registered US users.
The Oakland, Calif., company lost $328,000 on revenue of $90 million in the first nine months of its last fiscal year.
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