August 1, 2018 / 11:34 PM / 2 months ago

Wireless speaker pioneer Sonos raises less-than-expected $83.3 mln in IPO

NEW YORK, Aug 1 (Reuters) - Sonos Inc, the U.S. company that popularized wireless speakers only to face an increasingly crowded market, on Wednesday priced its initial public offering (IPO) at $15 per share, below its target range.

Sonos said in a statement it sold around 5.6 million shares to raise $83.3 million. The company had set a target price range of $17-$19.

Existing Sonos shareholders, which include investment firm KKR & Co, sold a further 8.3 million shares. (Reporting by Joshua Franklin; Editing by Sandra Maler)

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