Sonos, the maker of wireless speakers, has confidentially filed paperwork for an initial public offering that could come as soon as June, The Wall Street Journal reports.
The company could have a market value of about $2.5 billion to $3 billion after the IPO, sources told the newspaper. Santa Barbara, California-based Sonos held an analyst day this week at its headquarters, with senior executives outlining its financials and presenting details of the business.
Sonos, which offers multiroom speaker systems, recently joined the smart home tech fray -- a market expected to be worth more than $50 billion in 2022, up from $31 billion this year, according to Statista. Its Sonos One is a $199 Wi-Fi speaker that offers a built-in voice assistant which currently supports Amazon Alexa and is scheduled to add Google Assistant this year.
Founded in 2002, Sonos has raised some $325 million in funding from institutional investors, Sonos CEO Patrick Spence told Variety last year. He told Forbes last year that the company was on the verge of crossing the $1 billion revenue threshold.
Companies that generate less than $1 billion in annual revenue can file confidentially for an IPO. Box, Twitter and Snap are among companies that followed that path.
Sonos declined to comment.
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