The company sold 14.7 million initial public offering shares at a level that topped a boosted price range of $10 to $12. The company last week increased the number of shares sold by one million and the price range by $3 in the face of strong investor demand.
At $16 a share, the company ended up raising $235 million, almost double the amount it originally aimed for earlier this month. It commands a market capitalization of $2.56 billion for a business that hasn't made money and has no prospects of earnings at least through January.
The stock is scheduled to begin trading Wednesday under the symbol P on the New York Stock Exchange.
Oakland, Calif.-based Pandora, which allows listeners to create up to 100 personalized "stations" of music, is the latest in a new wave of Internet companies that have been pulling in buyers despite unease in the broader markets.
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