Pandora Media, an online radio network backed by US-based media group Hearst, plans to raise $100m in its flotation on an undisclosed stock exchange.
In August, Pandora had been reportedly about to raise $100m from private equity firm Elevation Partners, according to news provider TechCrunch, but instead has picked investment banks Morgan Stanley and JP Morgan to plan its initial public offering, according to its regulatory filing.
Hearst owns 5.75% of Pandora with venture capital firms Crosslink Capital (23%), Walden Venture Capital (18.6%), Greylock Partners 14.1%, Labrador Ventures 8.5% and GGV Capital 5.2%.
In January, Pandora had more than 80 million registered users and posted revenue of $55.2m in fiscal 2010 with a net loss of $16.8m.
In May, GGV paid $2.74 per share to help Pandora raise $22.2m in its series G round. The year before Hearst had been involved in Pandora’s E and F rounds that raised an aggregate $50.2m.