Sonos files for IPO

Sonos files for IPO

Sonos has announced plans for an IPO. The smart speaker brand will list its shares on the Nasdaq stock market.

The Californian tech company filed with an initial offering of $100 million (£75.4m) and is targeting a valuation of $2.5 to $3 billion (£1.88 to £2.26bn), according to Bloomberg.

In the filing, Sonos described the speaker market as “extremely competitive and rapidly evolving”. The music industry has been anticipating a boost to the streaming business from the variety of devices available to consumers. 

Sonos has been a pioneer in wireless speakers, which are compatible with various streaming platforms. However, it has faced competition from both ends of the market: Amazon’s Echo is the dominant device, while Apple launched its high-end HomePod speaker earlier this year.

The lead underwriters for the IPO are Morgan Stanley, Goldman Sachs and Allen and Co.

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