Pandora's IPO debacle: Shares plunge through offering price after a day

Summary:Pandora's high-profile initial public offering has turned into a nightmare as shares fell through the $16 pricing floor.

Pandora's high-profile initial public offering has turned into a nightmare as shares fell through the $16 pricing floor.

The online radio company priced its IPO at $16 a share on Tuesday night. From there, Pandora rocketed north of $22. That price turned out to be a sweet spot to short sell Pandora. Shares on Thursday cratered 24 percent and were barely clinging to $13 near market close.

We've noted all the problems with Pandora, but the chart says it all. For Pandora's sake let's hope it doesn't wind up in CBS News' dot-com IPO hall of shame.

Related:

Pandora makes debut: Public venture capital returns

CNET

Moneywatch/BNET:

Topics: Banking, Legal

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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