For only the second of the nine days that Pandora Media has traded on the New York Stock Exchange, the Internet radio company’s shares have been trading above the June 14 IPO price of $16.00.
The stock opened Monday (6/27) at $15.55, up from Friday’s close of $15.37. It then moved up rapidly, peaking at $17.16 in early morning trading, before settling down around $16.50.
RBR-TVBR observation: You can’t unbreak a broken IPO. Nonetheless, the underwriters and the NYSE can be a little less embarrassed since the stock is back above the IPO price after seven days of trading below it.