SANTA BARBARA, CA (CelebrityAccess) — Sonos Inc. the California-based wireless speaker company, is eyeing a potential IPO that could come as early as June or July, according to a report in the Wall Street Journal.
According to the WSJ, people familiar with the process told the newspaper that Sonos has confidentially filed the paperwork with the Securities and Exchange Commission necessary for a public offering.
As well, the company held an analyst day at their headquarters in which the company’s senior execs walked potential investors through the financial details of the company.
A person familiar with the details said that Sonos would seek to raise several hundred million through the IPO and expects to have a market value between $2.5 billion to $3 billion, the WSJ said.
Sonos has raised about $110 million in primary funding from investors, including Index Ventures and KKR & Co., and last year, Patrick Spence told the WSJ that he expects their 2017 revenue to cross the $1bn threshold, propelled by the popularity of its Playbase system, a wireless television speaker.
Sonos last year, released their first ‘smart speaker’ which retails for $199. The device includes Amazon’s digital voice assistant Alexa and can stream music from all of the major services, as well as satellite radio from SiriusXM. Sonos also announced plans to integrate Google’s voice assistant, as well as making the system compliant with Apple’s Siri.
