Pandora has joined the elite club of Web companies whose first day of trading took off like a raging team of horses. Pandora hit the ground running this morning at $20 a share for a market cap of $3.2 billion, after pricing its IPO at $16 per share on Tuesday night. So who are the winners in this IPO?
With 34.9 million shares, Crosslink Capital owns the largest chunk of the company—nearly 23%, to be exact. At $20 a share, that would make Crosslink’s Pandora stock worth nearly $700 million. Well done, Crosslink.
Coming in second is Walden Venture Capital, which owns 28.4 million shares for 18.67% of the company. Walden’s share of the company is now worth over $480 million.
And with 21.4 million shares, Greylock Partners claims 14% of the company, which is now worth $428 million. Greylock is followed by Labrador Ventures, which owns 12.9 million shares that are now worth $258 million.
But neither Crosslink, Walden, Greylock, nor Labrador opted to sell shares in Pandora’s initial offering. But the Hearst Corporation, which owns 8.7 million shares, did opt to sell some of its stock today, offering 4.3 million, which, at the $20 share price, would have made the company $86 million.
Additionally, Pandora CTO Tom Conrad offered 247,000 of his 2.5 million shares, potentially earning as much as $4.9 million. Another Pandora exec, chief revenue officer John Trimble, offered 74,900 of his 779,000 shares for nearly $1.5 million in potential earnings.
With 3.6 million shares, founder Tim Westergren owns 2.38% of the company, which is now worth $72 million, but Westergren did not put up any of his own shares for sale today. CEO Joe Kennedy also declined to put up any of his 4.2 million shares for sale.
Board member Peter Chernin owns 1.2 million shares, which are now worth $24
million, but he, too, declined to offer any shares in today’s trading, as did investor Peter Glotcher, who owns 1.5 million shares worth 
$30 million.
