Smart speaker and audio tech products maker Sonos Inc. hit the Nasdaq running Thursday morning as its stock jumped 33 percent from its initial public offering list price of $15 per share.

The 16-year-old Santa Barbara, California-based company came into its IPO with mixed financials. In the six months ended March 31, Sonos saw revenue climb 18 percent year-over-year, to $655.7 million. But its profit fell by 14 percent, to $13.1 million.

Best known for high-end audio products, Sonos is also a key player in the nascent web-connected smart speaker market, competing head-to-head with Amazon.com Inc., Apple Inc. and Google LLC.

But in a sign of the times, CNBC noted that “Sonos’ competitors are also valuable partners” because its speakers can play music from Amazon’s, Apple’s and Google’s streaming services.

While a 33 percent bounce looks good on paper, not everyone was positive. Bloomberg reported that its closing price “barely broke through the range at which they’d been marketed by the company,” concluding that investors are skeptical about consumer audio companies.

Rohit Kulkarni, managing director and head of research for SharesPost Inc., told SiliconANGLE that Sonos faced a tough market just as consumer hardware companies such as Fitbit and GoPro have as public companies.

“Sonos does benefit from an early-mover advantage in the wireless and multiroom speaker sector, a robust IP patent portfolio, and a secular tailwind behind music streaming,” Kulkarni added. “But we believe investors will wait to see traction from new products and success outside core markets.”

Sonos’ IPO followed successful listings by Tenable Inc., Pinduoduo Inc. and Opera Ltd. late last month. The three companies all saw bounces on their debuts in what continues to be a near-record-setting year for IPOs as long-held private and venture capital-funded companies are finally seeking a payday for their investors.

Image: Sonos