Snap One Holdings, which provides a suite of smart home technology products to professional integrators, announced terms for its IPO on Monday.
The Charlotte, NC-based company plans to raise $270 million by offering 13.9 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Snap One Holdings would command a fully diluted market value of $1.5 billion.
Snap One provides provides an end-to-end smart product ecosystem and technology-enabled workflow solutions to a network of over 16,000 professional integrators to enable seamless experiences in connected homes and small businesses. The company's product ecosystem includes 2,800 proprietary SKUs as well as a curated set of third-party products. As of March 26, 2021, integrators using Snap One's remote management software platform reached approximately 345,000 active homes and businesses.
Snap One Holdings was founded in 2017 and booked $862 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol SNPO. Morgan Stanley, J.P. Morgan, Jefferies, UBS Investment Bank, BMO Capital Markets, Raymond James, Truist Securities, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2021.
