A Sonos IPO is being rolled out soon as the company seeks to compete with other major tech companies as it specializes on cutting-edge wireless speaker technology.
Here are seven things you should know about the
- The company filed with an offering size of $100 million, which is a placeholder amount that will likely change as it is used to calculate fees.
- The company will list on the Nasdaq Global Select Market under the stock symbol SONO, according to a regulatory filing Friday.
- Sonos is seeking to compete with the likes of Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL) and Apple (NASDAQ:AAPL), who have all been gaining ground in the wireless speaker market.
- The company has been traditionally known for its sleek, high-end speakers with top-of-the-line sound quality in an “extremely competitive and rapidly evolving” market among risk factors in its IPO.
- Sonos is seeking a valuation of about $2.5 billion to $3 billion in its IPO, according to people familiar with the matter, although they asked not to be identified because these plans are still private.
- The company was founded back in 2002 and has been led by Patrick Spence since he took over as CEO in January 2017.
- As of March 31, the company said that more than 19 million of its products had been registered in 7 million homes.
