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Pandora IPO Pressures Sirius XM Shares

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(TheStreet) -- Pandora (NYSE: P) debuts on the New York Stock Exchange Wednesday pressuring Sirius XM (NASDAQ: SIRI) shares.

The Internet radio company's initial public offering was priced at $16 a share, significantly more than its indicative range of $10 to $11 a share. The company raised $235 million, selling 14.7 million shares. The deal values Pandora at $2.6 billion.

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