Pandora Rocks the NYSE

Pandora Media (NYSE:P), provider of internet radio, began trading Wednesday morning on the New York Stock Exchange. Similar to recent tech IPOs LinkedIn (NYSE:LNKD) and Fusion-io (NYSE:FIO), which also priced above their upward revised ranges, Pandora priced at $16.00, 45% above the midpoint of an upward revised range of $10.00 - $12.00. In the offer, the company raised $235mm, with a market cap at pricing of nearly $2.6B, making it the second largest domestic internet IPO since Google, right behind LinkedIn, which went public on NYSE last month.

Pandora is the 9th internet IPO, of 12 total for the year, to list on NYSE. In fact every domestic internet IPO, with exception of FriendFinder Networks, which did not qualify, since Labor Day 2010 has listed on NYSE. Recent articles in the Wall St. Cheat Sheet and The New York Times take note of the new reality of technology stocks listing on NYSE.