Competing against tech giants such as Alphabet (GOOG) and Amazon (AMZN) is perhaps too big of a challenge for numerous small and medium cap tech companies, however, that didn’t stop Sonos from filing for IPO and going public in 2018.
The year of 2018 was remembered by numerous tech IPOs and prominent companies that went public, while the US-based Sonos, specialized in home sound systems and tech accessories, was one of such companies.
Estimated value of Sonos IPO was set at 1.47 billion dollars right before the company went public, while SONO shares managed to raise 83 million dollars during the initial sale that started back on August 1st, 2018.
How Well is Sonos (SONO) Doing in the Market in 2019?
The company was approved for a listing on Nasdaq under the thicker (SONO), planning on issuing 13.9 million A class shares at the price of 15$ per share, alongside the plan to raise 263.9 million dollars at the determined price.
Sonos expected to see the shares touch the value between 17$ and 19$. Additionally, Sonos shares are currently traded at the value of 11,25$, below the opening price of 15$, however, the shares are following an upward trend with the latest closing, rising by 2,55%.
What might be driving the profit growth rate for the company is the product Sonos released back in July 2018 ahead of its IPO, called Sonos Beam, said to be popular among families looking for quality in audio.
The company is also reducing losses year to year, reporting 14.2 million dollars in net loss on 992.5 million dollars in revenue, in oppose to 38.2 million in net losses for the fiscal year of 2016.
Competing against giants like Alphabet and Amazon, again, is definitely more difficult than it sounds, which is why SONO IPO has had a slower start than expected, still traded under the opening price of 15$.