Snap One Holdings Corp. has announced the pricing of its initial public offering (IPO) of 13,850,000 shares of its common stock at $18.00 per share.
Shares of Snap One’s common stock began trading on the Nasdaq Global Select Market on July 28 under the symbol “SNPO,” and the offering is expected to close on July 30, subject to customary closing conditions. Snap One and selling shareholders have granted the underwriters a 30-day option to purchase a total of up to an additional 2,077,500 shares of common stock at the initial public offering price less the underwriting discounts and commissions.
Snap One intends to use the net proceeds from the offering to repay a portion of the term loan under its credit agreement plus accrued interest thereon as well as for general corporate purposes.
The offering is being made through an underwriting group led by Morgan Stanley, J.P. Morgan, Jefferies, and UBS Investment Bank, who are acting as lead bookrunning managers; BMO Capital Markets, Raymond James, Truist Securities, and William Blair, who are acting as bookrunning managers; and Drexel Hamilton, Penserra Securities LLC, R. Seelaus & Co., LLC, and Siebert Williams Shank, who are acting as co-managers.
A registration statement on Form S-1 relating to these securities has been declared effective by the Securities and Exchange Commission.
