REFILE-UPDATE 2-Pandora expects 40 pct boost in IPO size

Thu Jun 2, 2011 5:44pm EDT

(Refiles to fix typo in paragraph 7)

* Expects to sell 13.68 shares for $7-$9 apiece

* The Hearst Corporation to sell 4.4 mln shares

June 2 (Reuters) - Online radio company Pandora Media Inc expects to raise 40 percent more than prior estimates in the initial public offering of its stock, as investor interest in Internet-stocks rebounds.

Pandora said it will offer 13.68 million shares for sale in the offering which it expects to price between $7 and $9 a piece.

At the high end of the range, the company will raise $123.2 million.

Pandora, in February, filed for an IPO of $100 million.

In its amended IPO filing with the Securities and Exchange Commission, the company said selling stockholders will offer 8.7 million shares.

Oakland, California-based Pandora, which runs an online service that allows users to stream free music based on feedback from the listener, was launched in 2005.

The Hearst Corp, which beneficially owns 5.37 percent of the company, will sell 4.4 million shares, the filing said.

Pandora, which had 94 million registered users as of April 30, more than doubled its revenue in the first quarter. [ID:nL3E7GR00T]

The company expects to list on the New York Stock Exchange under the symbol "P" after the offering. (Reporting by Himank Sharma in Bangalore; Editing by Joyjeet Das)

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