Sonos Sets Price Range for IPO to Raise Over $105M
The smart speaker and home audio tech company's stocks will sell for between $17 and $19.
On Monday (June 23) Sonos set a price range for shares it intends to sell in its initial public offering, helping to set a valuation for the company when it begins trading.
A date for Sonos' IPO has not yet been officially announced, but on that opening day the smart speaker and home audio tech company's shares will sell between $17 and $19, according to Marketwatch.
Nearly 13.9 million Sonos shares will be offered in the IPO, including 5,555,555 from the company itself and 8,333,333 from insiders, potentially raising upwards of $105 million and $158 million, respectively, and over $250 million in total if shares sell at the upper end of the price range, TechCrunch reports.
Sonos is planning to list on Nasdaq under the ticker symbol "SONO." Morgan Stanley, Goldman Sachs, Allen & Co., RBC Capital Markets, Jefferies, KKR, Raymond James and Stifel are underwriters on the deal.