Pandora Stock Debuts at $16 a Share

NEW YORK - MAY 04: Tim Westergren (R) attends Time's 100 most influential people in the world gala at Frederick P. Rose Hall, Jazz at Lincoln Center on May 4, 2010 in New York City. (Photo by Jemal Countess/Getty Images for Time Inc) Photo: Jemal Countess/2010 Getty Images

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]