The IPO pricing at $16 – well above the expected range – was just the beginning for Pandora Media. The stock shot even higher as trading began Wednesday (6/15) for the new “P” stock ticker on the New York Stock Exchange.
Pandora opened at $20.01 and quickly shot to a peak of $26.00. As trading continued the shares dropped as low as $19.70, but only briefly.
After two hours of trading, the stock was at $20.40 and volume was well over 25 million shares. That means that many of the new shares changed hands more than once, since the IPO put only 14.7 million shares in public hands.