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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