Wireless speaker company Sonos (NASDAQ:SONO) is gearing up for its initial public offering, debuting on the Nasdaq Thursday.
The company plans to issue nearly 14 million shares priced at US$15 per share, below its original guidance between US$17 and US$19.
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The offer could now raise as much as US$208.5mln, a steep drop from its original forecast of US$263.9mln.
The company develops and sells wireless home sound systems, including smart speakers, wall mounts, stands and other accessories.
Similar to Amazon.com Inc’s (NASDAQ:AMZN) Alexa, its products, like the Sonos One and Sonos Beam speakers, use voice-activated AI systems.
The basic Sonos One wireless speaker costs US$199 but speakers can sell for as much as US$699.
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The consumer electronics company will leave its mark on the exchange long after its IPO is complete, redesigning the sound of its opening and closing bell. The sound hasn’t changed since 2000, according to the company.
“Experimenting with different instruments and techniques, our sound engineers artfully created a bell that both honors Nasdaq’s roots as a disruptor and speaks to our shared commitment to the pursuit of innovation, knowledge and improvement,” said the company in a blog post.