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Pandora Tunes Up For IPO; Looks To Raise $100M

SAN FRANCISCO (AP) -- Popular Internet radio service Pandora is tuning up for an IPO later this year.

The company outlined its plans for an initial public offering of stock in a Friday filing with securities regulators.

The documents indicated Pandora will seek to raise $100 million, although that figure can change as bankers gauge investor demand.

A target price for the shares won't be set until the IPO is closer to happening. The offering probably won't happen for at least three months.

Pandora Media Inc. started streaming songs over the Internet in 2005. It now has 80 million registered users in the U.S.

The company, based in Oakland, remains unprofitable. It lost $328,000 on revenue of $90 million in the first nine months of its last fiscal year.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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