Sonos, the maker of effective speakers for the home, cut the price of its initial public offering on Wednesday.
The Pty priced its IPO at $15 a share, below the expected range of $17 to $19. At the propose price, Sonos is valued at just under $1.5 billion. In April, MarketWatch translated Sonos could be worth as much as $3 billion as a public ensemble.
Sonos disclosed its plan to go public on July 6, and two weeks timer said it planned to raise up to $263.9 million, not including an over-allotment to underwriters. In exchange 13.9 million shares at $15 a piece, the company is raising $208.5 million.
Sonos demands its high-end, web-connected speakers to audiophiles and music fans as the speaker work moves toward smart assistants made by Amazon and Google. Sonos suggested its first voice-enabled speaker, the Sonos One, late last year. It look ons traditional speaker makers Bose and Samsung among its competitors.
The partnership reported a net loss of $14.2 million on revenue of $992.5 million for its most current fiscal year, which ended on Sept. 30. That’s an recuperation from fiscal 2016, when the company posted a loss of $38.2 million on on the blocks of $901.3 million.
The company’s IPO follows a number of high-profile offerings in the anything else half of 2018. Music streaming service Spotify, cloud storage provider Dropbox and software business DocuSign all debuted earlier this year.
Sonos is scheduled to start employment on the Nasdaq on Thursday under the ticker symbol “SONO.” The lead underwriters are Morgan Stanley and Goldman Sachs.