The wireless speaker maker Sonos has file for an initial public offering of shares on the Nasdaq market in the US. The California-based company said its products are in nearly 7 million homes and it's on track to reach over USD 1 billion in annual sales.
Sonos took advantage of limited disclosure rules for young companies and did not provide details yet on how many shares it plans to sell. Sources familiar with the matter told the Wall Street Journal that the company will likely raise several hundred million dollars in proceeds from the IPO and reach a market value of about USD 2.5-3.0 billion. The shares are expected to start trading in late July or early August.
In the six months to March, Sonos generated revenues of USD 655.7 million, up from USD 555.4 million a year earlier. Its net profit was down slightly over the same period, to USD 13.1 million from USD 15.2 million amid a general rise in costs.
Sonos said it plans to use the proceeds of the IPO for general corporate purposes, which could include acquisitions. The aim of the listing is to give the company a new way to raise capital as well as raise its profile.
