Smart speaker maker Sonos revealed its IPO share price Wednesday afternoon, announcing that it will start trading at $15 per share. The company is scheduled to go public at Nasdaq under the symbol SONO this Thursday. The pricing is below the company’s original guidance of $17-$19 per share, and values the company at $1.48 billion.
Sonos had first announced its intent to go public in early July. At the time, the company revealed that it had sold some 19 million speakers, and generated revenues of $992.5 million in 2017.
Two weeks ago, Sonos gave investors an initial guidance of $17 to $19 per share on its opening price, also announced that it was looking to sell 5.55 million shares, with stockholders gearing up to sell an additional 8.3 million shares.
At $19 per share, the IPO would have added as much as $105 million to the company’s coffers. At $15, this number is closer to $83 million.
Sonos is going public at a time of uncertainty for consumer electronics companies and the wider tech sector. One of the factors that investors could be concerned about is the Trump administration’s ongoing trade war with China, with a recent report indicating that Sonos speakers could be subject to a 10% tariff.
But tech companies have also seen mixed results in recent earnings. Facebook’s stock price crashed after the company gave lower-than-expected results and guidance last week, resulting in the evaporation of $120 billion of the company’s market capitalization.
Apple, on the other hand, saw its stock price soar this week after releasing better-than-expected results, with investors pushing the company’s market cap close to $1 trillion.