Pandora Goes Public -- Rising on NYSE

Dividends and operating capital planned after 'P' hits $25 in early trading.

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    NEWSLETTERS

    Pandora has finally gone public -- but on the NYSE, not the normal tech fit with NASDAQ.

    On Tuesday morning, Pandora popped a "P" stock ticker symbol and was shown to be rising, shortly after the opening bell. It was a long, winding road for the IPO, GigaOM says.

    The Oakland-based darling of music lovers and discoverers everywhere planned on pricing itself at $12, as of June 10. An hour into Wednesday's trading and it was at $25.

    The streaming service is riding the tech zeitgeist as investors seem to be flocking to Silicon Valley to keep their portfolios expanding.

    Pandora got its start in 2000 as a music recommendation service, then known as Savage Beast Technologies. It changed its name in 2005 when it launched an Internet radio service that lets people stream music over the web. Users can create custom stations based on songs, genres or artists.

    The company plans to use the proceeds from the offering to pay accrued dividends on its redeemable convertible preferred shares and for general corporate purposes.