Sonos, 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.
