Pandora boosts stock offering as shares hit high

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Associated Press

Posted on September 19, 2013 at 11:06 AM

Updated Thursday, Sep 19 at 11:06 AM

LOS ANGELES (AP) — Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help trim its songwriter royalty costs.

On the heels of the ruling, the company is also hoping to raise more money from investors in a stock sale. On Thursday it increased the number of shares it is offering to the public and raised the offer price to $25 from $23.99. That could net it as much as $379 million, $100 million more than a plan it unveiled three days ago.

The stock is up 5 percent at $26.98 in midday trading. It peaked earlier Thursday at $27.21 and has nearly tripled this year. Investors are happy with the Oakland, Calif., company's mobile advertising revenue growth and the appointment of its new CEO, Brian McAndrews.

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