MP3.com, which is scheduled to go public today, just keeps making more noise. On Tuesday, MP3.com priced its initial public offering at $28. Earlier in the day, the price range was raised from $16-$18 to $24-$26. Last Tuesday, MP3.com raised the price range from $9-$11 to $16-$18 and also bumped the offering size from nine million shares to 12.3 million.
With the original range and offering size, the IPO would have topped out at $99 million. Now, the offering is worth $344.4 million. Regardless of what happens next, MP3.com has already scored a major victory. The company is already worth nearly $1.9 billion, which seems almost mind-numbing when you consider that MP3.com lost more than $350,000 and had just $1.2 million of revenue last year.
Then again, this is the Internet, and MP3 is a major Internet brand. Still, if this IPO sees any sort of pop on its first day on the market today — and all indications are that it will — the company’s going be trading at an extremely rich valuation.