Sonos Announces Pricing of Initial Public Offering

SANTA BARBARA, Calif., Aug. 01, 2018 (GLOBE NEWSWIRE) -- Sonos, Inc. ("Sonos"), the creator of the wireless home sound system, today announced the pricing of its initial public offering of 13,888,888 shares of its common stock at a price to the public of $15.00 per share. Sonos is issuing and selling 5,555,555 shares and the selling stockholders are selling 8,333,333 shares of common stock. In addition, Sonos and the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,083,333 shares of common stock at the initial public offering price less underwriting discounts and commissions. Sonos will not receive any proceeds from the sale of shares by the selling stockholders. The shares are expected to begin trading on the Nasdaq Global Select Market on August 2, 2018 under the symbol "SONO." The offering is expected to close on August 6, 2018, subject to customary closing conditions.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as lead book-running managers for the offering. Allen & Company LLC, RBC Capital Markets, LLC, Jefferies LLC and KKR Capital Markets LLC are acting as bookrunners. Raymond James & Associates, Inc. and Stifel are acting as co-managers for the offering.

The offering is being made only by means of a prospectus. Copies of the final prospectus related to the offering, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014, by telephone (866) 718-1649 or by email at [email protected]; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone: (866)471-2526, by facsimile: (212) 902-9316 or by email at: [email protected].

A registration statement relating to the offering has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Source: Sonos