Speaker Maker Sonos Sets Its IPO Price Range

Sonos IPO

Sonos IPO: Sonos Inc is the maker of multi-room speakers, which allow users to play music across every room in their house. Back in April, the company filed paperwork with the SEC for an IPO.

Today it has released details surrounding this IPO, laying out the terms for its initial public offering. The company is expecting its shares to price between $17 and $19 each.

Sonos IPO

If all goes to plan the company would achieve a market value of about $2.14 billion. Its plan is as follows: 13.9 million shares will be offered and should raise around $250 million at the midpoint with around 8.3 million of these shares being sold by existing shareholders.

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It’s worth noting that the pricing can still change up until the night before an IPO begins trading.

The exact trading date has not been confirmed but it is expected around late July or early August. Its ticker will be SONO and it will trade on the NASDAQ exchange.

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Sonos So Far

Earlier in the year, Sonos $655.7 million in revenue for the six months ended March 31. It had achieved a profit of $13.1 million. In the year-earlier period, the company generated $555.4 million in revenue and $15.2 million in profit.

Sonos was founded in 2002 in Santa Barbara, California and has raised about $110 million in primary funding from investors.

Featured Image: Google Images/ Sonos.com