This is a real headbanger.
Sonos Inc. (SONO) , the smartspeaker company, had its initial public offering on Nasdaq Thursday. The company closed the day up around 32%, to $19.91 a share, after opening at $15 a share.
In morning trading, Sonos was up around 14% to $22.74.
TheStreet's Scott Gamm sat down with Sonos's CEO, Patrick Spence for the latest.
When asked why Sonos debuted at $15 when the company was originally priced at $17 to $19 a share, Spence responded, "Really, it was the tech selloff over the past couple of days. We wanted to be prudent."
Sonos is part of the highly competitive home audio space, but the company brings a unique perspective due to its partnerships with Amazon, Apple and Google. Sonos devices offer the Alexa voice service as well as the Google Assistant.