Sonos’s IPO march continues.
After previously releasing an S-1 and detailing its financial performance to the world, Sonos updated its filing today with a price range. The home audio company noted in its new document that it intends to sell equity in its public offering between $17 and $19 apiece.
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The company’s core offering is 13.9 million shares, implying a raise between $236 million and $264 million. However, when shares possibly tipped for underwriters (the so-called “greenshoe offering“) are included, the company could raise as much as $303.5 million.
Not all the money will go to Sonos. Existing shareholders are unloading 8.3 million shares in the IPO, while Sonos itself is selling 5.6 million shares before the greenshoe option is tallied. (In the transaction, the greenshoe is split between the company and existing shareholders 833,333 to 1.25 million.)
After the company’s debut, the firm will have 98.4 million shares outstanding, roughly. At the top-end of its range, Sonos would be worth just under $1.9 billion. As that number is below estimates, I suspect that Spotify will look to bolster its range in the coming days.
Sonos recorded a loss in its most recent quarter, losing $32.6 million against $186.7 million in top line. The firm historically records a large percentage of its yearly revenue during the holiday quarter, during which it also tends to drive positive net income. The company has a record of losing money in non-holiday quarters.
Next up for Sonos is getting its new price through investors and live. We’ll have continuing notes as the firm gets closer to showing up on Wall Street.
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