Sonos Stays the Course Amid Arrival of IPO Day
For 16 years Sonos has done nothing but disrupt one of the most stable consumer technology markets while building a product portfolio that can stand among the best in the business. Along the way, they’ve managed to place some 19 million speakers in a little more than 7 million consumers homes in over 50 different countries. So, excuse them if they view their Initial Public Offering day as just another milestone in the company’s brief but already-impressive history.
During its first day on the Nasdaq, Sonos—which is trading under the ticker symbol SONO—opened at $16 per share, rose as high as $21, and ultimately closed its first day out at $19.91, or a market valuation of about $1.95 billion.
But while the day certainly brought about a ton of attention for the company (capped off by their re-engineering the Nasdaq bell), Sonos is dead set on maintaining its commitment to its developing kick-ass speakers and innovative customer experiences. Frankly, as Sonos Vice President of Product Management Chris Kallai told Dealerscope in a phone interview Thursday, they’d don’t want to view IPO day as some turning point in the company’s history.