Friday, August 3, 2018

Sonos Sees Successful IPO

Santa Barbara-based Sonos saw a successful initial public offering (IPO) on Thursday, closing its first day of trading on the Nasdaq Global Select Market up nearly 33 percent. Sonos, which priced at $15.00 per share on Wednesday night, closed at $19.91 on Thursday, 32.73 percent above the IPO price. Sonos makes user friend, whole home audio systems. Sonos is now trading as SONO. Sonos is backed by KKR, as well as Index Ventures and Redpoint Ventures. The company's IPO was underwritten by Morgan Stanley, Goldman Sachs & Co, Allen & Company, RBC Capital Markets, Jeffries, KKR, Raymond James, and Stifel. Sonos had originally estimated its IPO pricing at between $17.00 to $19.00 per share. Sonos joins a long line of startups in the Central Coast area to successfully make it to the public markets; the region has had such recent IPOs as The Trade Desk, MindBody, Appfolio, CytomX Therapeutics, acquisitions including Lynda.com (acquired by LinkedIn) and AnsibleWorks (Red Hat), among many others.