Something is going on. LinkedIn has filed to go public, many lesser known companies have succesfully done it and it is now Pandora. You can read a lot about Pandora’s filing so my contribution is limited to the following points:
– you can read below the cap. table of Pandora (and enlarge it by clicking or even download the picture, ask me for the excel file if interested)
– there were 3 founders: Tim Westergren, Will Glaser, Jon Kraft but only the first one is mentioned in the filing and the equity of the two other ones is unknown. I made the assumption that the remaining common shares belong to them, but it canot be true. It is just an assumption.
– Pandora has raised nearly $100M with its investors.
– Revenues are nice: $50M in 2010 and $19M in 2009, but the company never had a profitable year even if its recent quarters have been (about $1M for the July and october quarters).
– The company was founded in 2000, so it would have taken him 11 years to go public.
Will this be sufficient to concince investors? To be seen….
New info provided by Pandora that I got from Xconomy: In a regulatory filing yesterday, Oakland, CA-based Pandora Media revealed the hoped-for terms of its upcoming public offering. The company intends to sell 5 million shares of common stock, while stockholders will sell another 8.7 million shares, at a price of $7 to $9 per share. That would bring in between $96 million and $123 million in new capital and give Pandora a market capitalization of $1.1 to $1.4 billion. The company’s largest shareholders are Crosslink Capital, Walden Venture capital, Greylock Partners, Labrador Ventures, and Hearst Corp.; only Hearst plans to sell shares in the IPO. That same filing gives alos the shares of the two other founders: Will Glaser had about 2.9 shares (including 2.1M options) and Jon Kraft 0.68M shares. More on http://www.sec.gov/Archives/edgar/data/1230276/000119312511157169/ds1a.htm