The move comes as investors appear eager to purchase shares of Internet media companies.

“The tech space has done extremely well this past year – so one can easily argue that many tech investors have made a killing and are confident they can continue to do so,” commented TMC (News - Alert) CEO Rich Tehrani in a blog post last month.

The Associated Press reported that Pandora Media may get up to $176.3 million in the IPO, with proceeds reaching approximately $72 million if shares sell at $12.

Pandora’s new range for IPO shares will be between $10 and $12, as opposed to the earlier range of between $7 and $9. In addition, the company is expected to sell as many as 14.7 million shares, as opposed to the earlier number of 13.7 million shares, says The AP.

The IPO could give Pandora a market value of over $1 billion, according to a report carried on TMCnet. At least one analyst is very positive on Pandora’s future. “Pandora is a proven content provider, they have been gaining customers and they have shown they have ways to make money,” Tim Bajarin, an analyst with Creative Strategies, said in the story on TMCnet. “This is a real company.”

Pandora, an Internet radio service, has 90 million registered users, the story adds.

But Reuters notes that Pandora has not yet made a profit. For the quarter ending in April, Pandora had revenue of $51 million and a net loss of $6.8 million, Reuters (News - Alert) adds.

Joseph Kennedy, Pandora's CEO, owns 4.2 million Pandora shares. Other stockholders include Crosslink Capital, Walden Venture Capital and Greylock Partners, as well as Hearst Corp., according to The AP.

In other news, LinkedIn (News - Alert) already had its IPO. The price of shares of LinkedIn more than doubled on their first day.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2011, taking place Sept. 13-15, 2011, in Austin, Texas. ITEXPO (News - Alert) offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.