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: Reports As Internet IPOs sizzle, Pandora raises price range for its offering to between $10 and $12Jun 13, 2011 (M2 PRESSWIRE via COMTEX) -- Dominion Lending Centres Clearlease Reports Pandora raised the price range of its initial public offering Friday June 10, 2011 by at least a third and boosted the number of shares to be sold by as many as a million, demonstrating again a seemingly insatiable demand from investors for a stake a new slate of Internet companies. The popular online radio service may raise as much as $176.3 million with the new offer. Proceeds for Pandora Media Inc. could reach about $72 million if the shares price at $12. Selling stockholders would get up to $104.2 million. Pandora raised the price range for the shares to between $10 and $12, up from the initial $7 and $9 it was seeking. Pandora and the selling stockholders are also now offering up to 14.7 million shares, up from 13.7 million earlier. The IPO from Pandora, based in Oakland, Calif., comes amid a sizzling market for the latest generation of Internet companies. These include daily deals site Groupon Inc., which has filed to go public and professional networking service LinkedIn Corp., which has already completed its IPO. Shares of LinkedIn, issued at $45 in mid-May, soared above $100 before noon on the day they hit the market and closed at $94.25 on a trading volume of 30 million shares. Shares are now trading above $72. Pandora got its start in 2000 as a music recommendation service, then known as Savage Beast Technologies. It changed its name in 2005 when it launched an Internet radio service that lets people stream music over the Web. Users can create custom stations based on songs, genres or artists. Joseph Kennedy, a former salesman for automaker Saturn Corp. and executive for online banker E-Loan, has been Pandora's CEO since 2005. He owns 4.2 million Pandora shares. Other stockholders include venture capitalists Crosslink Capital, Walden Venture Capital and Greylock Partners and newspaper and magazine publisher Hearst Corp. Pandora offers a basic, ad-supported service for free. Users can pay for a service with no ads that allows them to skip more songs they don't like and listen to songs in higher sound quality. Most listeners still use the free service. The company plans to use the proceeds from the offering to pay accrued dividends on its redeemable convertible preferred shares and for general corporate purposes. The underwriters are Morgan Stanley, JPMorgan, Citi, William Blair & Co., Stifel Nicolaus Weisel and Wells Fargo Securities. Video Link: http://youtu.be/f_kk7WJa7Uk For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html About Dominion Lending Centres Clearlease Dominion Lending Centres Clearlease Commercial (Dominion Lending Centres Clearlease Clearlease / Clearlease.com ) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending / Mortgage Financing. Dominion Lending Centres Clearlease Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company. Headquartered in Downtown Vancouver, British Columbia. We are expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria. You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres. Contact: Dominion Lending Centres Clearlease HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA. Mr. Alexander Pidgeon, Editor in Chief Tel: (604) 696-1221 ext. 199 eMail: [email protected] Website: http://www.clearlease.com News: http://clearlease.com/category/equipment-lease-blog/feed/rss Twitter: @clearlease ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected]. |