• TechCrunch, Friday, June 10, 2011 10:13 AM

Emboldened by strong adoption rates and a bullish IPO market, Pandora has raised the price range of its stock to $10 to $12 per share. Giving the music streaming service a valuation of $1.9 billion, that's up from Pandora's recent stock pricing at $7 to $9 per share, at a market cap of $1.3 billion, according to TechCrunch.

According to a new version of its S-1, Pandora aims to raise as much as $202.6 million in the offering (up from $141.6 million), and will offer 6,000,682 shares of its common stock with the selling stockholders are offering 8,683,318 shares of common stock in the IPO, TechCrunch reports. Pandora just released its most recent revenue numbers, which reflected an increase in both sales and usage of the service.

"For example, Pandora is adding a new registered user every second," TechCrunch notes. Meanwhile, in the company's fiscal year ended January 31, 2011, Pandora streamed 3.8 billion hours of radio listening.

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