Credit: Shutterstock photoSonos, which designs and sells connected speakers and audio components, announced terms for its IPO on Monday.
The Santa Barbara, CA-based company plans to raise $250 million by offering 13.9 million shares (60% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Sonos would command a fully diluted market value of $2.2 billion.
Sonos was founded in 2002 and booked $1.1 billion in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol SONO. Morgan Stanley, Goldman Sachs, Allen & Company, RBC Capital Markets, Jefferies and KKR are the joint bookrunners on the deal. It is expected to price during the week of July 30, 2018.
The article Wireless speaker company Sonos sets terms for $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
