Sonos Opens Higher After Pricing U.S. IPO Below Targeted Range
(Bloomberg) -- Sonos Inc. climbed in its trading debut after pricing its shares $2 below the marketed range in its U.S. initial public offering.
The wireless speaker maker and select investors raised raised $208 million, selling 13.9 million shares for $15 apiece after marketing them for $17 to $19 each, the company said in a statement Wednesday. Sonos plans to use the proceeds for working capital and general corporate purposes.
Shares opened at $16 apiece and rose as much as 9.3 percent from the IPO price to $16.40 in New York trading.
Sonos lost $14.2 million for the year ended Sept. 30 on revenue of $992.5 million, according to its prospectus filed with the U.S. Securities and Exchange Commission. That compares with a loss of $38.2 million on $901.3 million the previous year.
Morgan Stanley, Goldman Sachs Group Inc. and Allen & Co. led the offering. The shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol SONO.
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