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.READ MORE: Heroic Rescue By Surfer After Vehicle Plunges Over Santa Cruz Cliff
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.READ MORE: 2 Charged In Hate Crime Spree Targeting Asian Women Across Bay Area
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.MORE NEWS: Formerly Incarcerated Chefs Launch 'Soul on a Roll' Food Truck in West Oakland
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