Deals
Sonos Offering Shows Investor Skepticism for Consumer Tech
- Shares climb after selling below marketed IPO price range
- Speaker maker’s listing follows Fitbit, GoPro share declines
Photographer: Jesse Grant/Getty Images
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Selling consumers on cool tech gear is proving to be easier than convincing investors.
With its muted initial public offering, Sonos Inc. is the one learning the lesson this time. While the wireless speaker maker climbed more than 20 percent above its IPO price in its trading debut Thursday, shares stayed within the range at which they’d been marketed by the company. Typically companies look to price the stock at or above the range and trade up further from there.