Sonos IPO prices below range at $15 a share

Sonos Inc. (SONO) will bring in less money than it hoped in an initial public offering, announcing a price of $15 a share Wednesday evening.

The maker of high-end speakers had hoped to price shares at $17 to $19 apiece, according to previous filings, but said Wednesday evening that it would instead sell 13.89 million shares at a lower price. At that price, Sonos will bring in at least $208 million at a valuation of nearly $1.5 billion.

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Underwriters, led by Morgan Stanley and Goldman Sachs, have access to another 2 million shares, split between Sonos and selling shareholders. Sonos is expected to begin trading on the Nasdaq exchange Thursday morning under the ticker symbol SONO.