Pandora shares climb in IPO

pandora nyse
If you’re not reaching, engaging, and monetizing customers on mobile, you’re likely losing them to someone else. Register now for the 8th annual MobileBeat, July 13-14, where the best and brightest will be exploring the latest strategies and tactics in the mobile space.

pandora nyseIt looks like investors still have a healthy appetite for consumer Web companies. Online music service Pandora started trading on the New York Stock Exchange this morning, and as of 10:35am Eastern time, it was trading at $20.75 per share.

If that doesn’t quite match LinkedIn’s meteoric IPO, when shares more than doubled on their first day of trading, well hey, it’s early. It has been a steady climb since Pandora first filed for its IPO — shares were initially priced between $7 and $9, then were set at $16 for the IPO, and started trading at $20 this morning.

The current share price values Pandora at more than $3 billion, which is pretty good for a company that brought in $137.8 million in revenue during its most recent fiscal year. There are still concerns about its long-term business model, especially about its rising music costs. But today seems like a good day, not just for Pandora and its investors, but also for other Web companies that plan to go public, including Groupon.

[photo by Pandora CTO Tom Conrad, via Foursquare]