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Snap One announces pricing of initial public offering

Snap One announces pricing of initial public offering

Snap One announces pricing of initial public offering

CHARLOTTE, N.C.—Snap One, a provider of smart living products, services and software to professional integrators, announced the pricing of its initial public offering of 13,850,000 shares of its common stock at $18 per share.

Shares of Snap One’s common stock began trading on the Nasdaq Global Select Market on July 28, 2021, under the symbol “SNPO,” and the offering is expected to close on July 30, 2021, 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.

The company 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.

Last month, the company rebranded itself as Snap One after formerly being known as SnapAV. CEO John Heyman noted that the new name reflects the company’s goal to be the best provider of solutions, services, and platforms for custom installation integrators, whose businesses have grown well beyond AV products.  

“The name ‘SnapAV’ no longer fully represents who we are or our aspirations for the future,” he said. “We kept the name ‘Snap’ because of our ongoing mission to make our partners’ lives easier. Snap One builds upon this legacy and reinforces our aspiration to be the integrator’s most valued and most trusted partner.”

The offering of securities may be made only by means of a prospectus. Copies of the prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (866) 803-9204 or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at [email protected]; or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by email at [email protected].

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