As expected, Sonos, the popular wireless speaker company, has filed to list its shares on the NASDAQ under the symbol SYNO, according to a filing with the Securities and Exchange Commission.
Sonos’s IPO filing said it plans to raise $100mln. However, the company still hasn’t disclosed its estimate for its per-share offering price as well as the number of shares.
According to the SEC filing, the company, which is based in Santa Barbara, California, had over 19mln Sonos products in some 6.9mln households globally as of March of this year.
The company estimates its consumers listen to an average of 70 hours of content per month, according to the filing.
However, the company was cautious about the the voice-enabled speaker market.
"The voice-enabled speaker market and the voice-enabled smart home systems market are still in the early stages of development," Sonos said in its SEC filing. "If these markets do not continue to grow, or grow in unpredictable ways, our revenue may fall short of expectations and our operating results may be harmed, particularly since we incur substantial costs to introduce new products in advance of anticipated sales."
In fiscal 2017, Sonos reported revenue of US$992.5mln, a 10% jump from the US$901.3mln in revenue it saw in fiscal 2016. Its net loss last year shrunk to US$14.2mln from US$38.2mln in the previous year.
Private equity firm KKR currently has the biggest stake in the company with a 26% interest, according to the SEC filing. Index Ventures and Sonos co-founder John MacFarlane, meanwhile, each own 13% of Sonos.
The company had 1,478 full-time employees as of last March.