Sonos IPO Kickoff: So Did You Buy Sonos Stock?

It’s official: Sonos is now a public company, having made its debut on the Nasdaq stock exchange yesterday under the symbol “SONO.”

The stock opened at $16 a share, a tad higher than its initial selling price of $15 and surged to $21 before closing at just under $20 a share. By the end of its first day of trading, the company had an implied market value of about 1.95 billion, according to CNBC.

The day before its initial public offering (IPO), Sonos surprised Wall Street by setting its share price at $15, lower than the expected $17-$19 range. Just after midday on Friday, Sonos was trading around $21 a share after surging to more than $23 in early trading.

Sonos wasn’t the only tech company making news. Apple commandeered financial headlines with news that the company had exceeded the $1 trillion valuation mark with a closing share price of $208.22. In a memo to employees, CEO Tim Cook thanked everyone for their hard work and dedication but said the milestone was “not the most important measure of our success…[but] the result of Apple’s innovation, putting our products and customers first, and always staying true to our values.”

CEO Patrick Spence talks about going public on CNBC:

In related news, Sonos collaborated with Nasdaq to re-engineer the sound of the exchange’s opening and closing bell, which has been the same since 2000.

The new bell debuted with yesterday’s open bell, which of course also marked Sonos’ debut as a public company.

“Today, Sonos and Nasdaq take a fresh look at a simple object — a bell — as we redesign the sound that signals the opening and closing of the capital markets every day,” the company wrote in its blog. “Sonos Sound Experience Lead Giles Martin and Academy Award-winning sound engineer Chris Jenkins worked with Nasdaq on the project. Experimenting with different instruments and techniques, our sound engineers artfully created a bell that both honors Nasdaq’s roots as a disruptor and speaks to our shared commitment to the pursuit of innovation, knowledge and improvement.”

Click here to compare the old bell sound with the new sound.

pw's picture

Sonos is just good enough tech..
Unfortunately it's not Hi Fi enough..