Smart home integration firm Snap One Holdings announced today the launch of its initial public offering, seeking to raise as much as US$290.9 million. The company is slated to publicly trade on the Nasdaq Global Select Market under the symbol “SNPO”.
The offering will be conducted through the issuance of 13,850,000 common shares with an expected offering price between US$18.00 and US$21.00 per share.
The company granted a 30-day over-allotment option to purchase additional 2,077,500 common shares at the same IPO price, potentially bringing additional proceeds of up to US$43.6 million. J.P. Morgan, Morgan Stanley, Jefferies, and UBS Investment Bank are all acting as lead underwriters for the said offering.
The proceeds from the offering are intended to repay a portion of the company’s term loan, as well as for general corporate purposes.
Snap One provides smart product ecosystem and technology-enabled workflow solutions to professional integrators. The company recently reported US$862.0 million in revenue for the 12 months ending March 31, 2021.
Information for this briefing was found via Sedar and Snap One. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.