Online radio company Pandora has raised $234.9 million in its initial public offering, pricing the shares above the top of the range as investors sought gains from a limited number of new internet stocks.

The California-based company sold 14.7 million shares at $16 each after offering them for $10 to $12. The shares will trade on the New York Stock Exchange.

Pandora benefited from demand for tech companies in recent flotations. At the offering price, the company has a market value of about $2.6 billion, or about 19 times last year’s sales.

Pandora sold about 9.2 per cent of its shares outstanding. – (Bloomberg)