Pandora Stock Debuts at $16 a Share

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Founder Tim Westergren. Photo: Jemal Countess/Getty Images for Time Inc.

Despite the fact that it currently is not profitable, Pandora has upped the price-per-share of its IPO from $10 to $16 over the past month. Before today, the Internet music service raised $234.9 million, which puts the total value around $2.6 billion. After this morning's NYSE opening, the stock (which trades under "P") is trading at just over $23. [Dealbook/NYT]