Sonos Eyes June IPO
Wireless speaker company Sonos is preparing for an IPO in either June or July according to those familiar with the matter confirming rumours circulating earlier this month.
Two weeks ago, Sonos posted a job offering for someone with ‘public company experience’ and who has past ‘experience in running the legal business for a multi-billion dollar public company’.
The Wall Street Journal reports Sonos has filed confidentially with the Securities and Exchange Commission for an IPO. The IPO will be led by Morgan Stanley and Goldman Sachs.
Reports say the company has raised close to US$110m in primary funding from investors. A person familiar with the deal says Sonos is likely to raise ‘several hundred million dollars’ from the IPO giving the company a market value of approximately US$2.5-$3bn.
Some speculate Sonos is following the footsteps of Spotify, who went public at the end of last month and was rumoured to release its own set of speakers at an event yesterday but disappointed users by only providing improvements to its free service.
The company’s CEO tried to shut down rumours of an IPO filing telling Variety, ‘we like where our business is and an IPO is what all companies think about’.
Sonos is known for its Fort Knox like privacy when it comes to financial dealings.
Sonos was founded in 2002 and is available in 60 countries in multiple languages.
For Aussie Sonos One users, Alexa finally been released on its speakers after months of delay.