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Pandora IPO blowing up

BUBBLING OVER: It’s déj vu all over again for Internet stocks. On the heels of Groupon and LinkedIn’s explosive IPOs, Pandora came out of the blocks like Usain Bolt this morning, jumping more than 50% above the company’s $16 price target. Shares started trading at $20 and jumped as high as $26 in the first hour before settling back to $23. Pretty good start for an outfit that has yet to turn a profit. “The excitement for Pandora is driven by people’s usage of the service and the enjoyment of the service,” said BTIG’s Richard Greenfield on the eve of the IPO “But in order to justify a high valuation, they need to get far more advertising and they need to get more people paying for the service.” Pandora had raised $234.9 million, valuing the business at $2.6 billion. It will sell 14.7 million shares, but underwriters Morgan Stanley, JPMorgan Chase and Citigroup have the option to sell an additional 2.2 million shares. Stay tuned. (6/15a)

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