Pandora Is a Free Music Company Worth $2.6 Billion

Plenty of folks make a persuasive case that Pandora may be overvalued, but investors aren’t paying attention: The company sold 14.7 million shares at $16 apiece today, giving the Internet radio service a value of $2.6 billion. That’s up from the $10 to $12 range the company floated last week, which was above the $7 to $9 range it had floated a week before that. The general public gets to weigh in tomorrow, when shares start trading on the NYSE under the “P” symbol.