Smart speaker juggernaut Sonos files for IPO
Consumer electronics company Sonos (SONO) files for an IPO on the Nasdaq.
The company plans to use the IPO funds for working capital and other general corporate purposes.
Sonos says it "sits at the intersection of emerging trends driving the future of home entertainment" and lists Apple Music, Pandora, Spotify and TuneIn as content providers for its smart speaker system.
The company posted revenue of $655.67M for the six months ending on March 31, 2018 and adjusted EBITDA of $50.51M.
Sonos lists a formidable list of competitors in its filing, including Bang & Olufsen Bose, Samsung subsidiaries Harman Kardon and JBL, Sony and Sound United subsidiaries Denon and Polk and developers of voice-enabled speakers and systems such as Amazon, Apple and Google
Shrewd speaker and sound organization Sonos has privately recorded printed material with the Securities and Exchange Commission demonstrating it intends to hold a first sale of stock when this mid year, as indicated by a report today from The Wall Street Journal. The report says it's presumable Sonos would raise countless dollars in capital with an IPO, and that it's market valuation might be around $2.5 to $3 billion accordingly. The IPO could occur when June.
Sonos has been around since 2002, when it ended up one of the principal sound equipment organizations to put vigorously in remote speakers. From that point forward, Sonos has become a huge player in the home sound space, acquiring more than $1 billion in yearly income on account of its stage rationalist way to deal with music gushing administrations and its reconciliations with Amazon's Alexa colleague. Presently, Sonos essentially contends with top of the line home sound brands one on end and with tech organizations like Apple, which discharged the HomePod to go up against Sonos and other savvy speakers, on the less expensive end.