Sonos

Wireless and smart speaker manufacturer Sonos which initially filed for a $100 million IPO has now upped the amount it seeks to raise on the public market with the company now planning to sell 13.9 million shares at a price range between $17-$19 as stated in a recent regulatory filing raising up to $264 million in its IPO.

Sonos was said to be seeking a valuation between $2.5-$3 Billion but at $19, It’s total market value calculating from the number of outstanding shares stands to be $1.87 Billion when it makes a debut in the public market.

Sonos had revenues of almost $1 Billion in its last fiscal year reporting $992.5 million amidst a net loss of $14.2 million in comparison with $901 million and a net loss of $38.2 million in the previous fiscal year.

The company’s metrics boosted this year as the company posted $655.7 million in revenue for the 6 months ending March this year whilst making a net income of $13.1 million.

Sonos is widely renowned for its smart speakers which has sold to the tune of over 19 million in total while being used by an estimated 6.9 million households with Sonos estimating its customers listening to 70 hours of content each month on its speakers.

16 year old Sonos currently provides a range of smart speakers which include the Sonos One, Sub, Playbar, Playbase, Play :1, Play :5 and its recently released beam and also comes bundled with smart software which provides customers with an intelligent control system for better optimization of sound.

This year has seen a swath of technology companies join the IPO ranks in what has been the best year so far to tech IPOs, other companies which have also filed to go public in recent times include Eventbrite, Jam City, LingoChamp, Niu, Opera and cybersecurity startup Tenable among others.