Today, Sonos announced that it has set its IPO price range at $17 to $19 per share, hoping to raise as much as $250 million.
This would value the speaker manufacturer at about $2.14 billion, which is less than the original $3 billion valuation. The company originally filed their IPO two weeks ago, announcing that it plans to sell shares on Nasdaq under the symbol SONO.
In an SEC filing on Monday, the company said that it is expecting revenues as high as $208.4 million for their financial quarter ending in June. In the filing, Sonos’ CEO Patrick Spence said:
“Our system is not?and never will be?an entry gate into a walled garden. We don’t want to limit our customers’ sonic world. We want to broaden it.”
Sonos will be joining a dozen major tech companies that have filed an IPO this year. The company is expected to start trading on the Nasdaq on August 2.