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Business News Digital
Sonos plotting IPO for early summer
By Chris Cooke | Published on Friday 27 April 2018
Sonos has an IPO planned for the summer, everybody! Which is good news. I mean, Spotify arriving on the New York Stock Exchange all seems like a very long time ago now, doesn’t it? That single share we bought has increased in value by $1.43, by the way. Yes, $1.43!
But you’re bored of meticulously monitoring the Spotify share price every day, aren’t you? What you want is another music-related stock market listing to obsess about, and you’re too impatient to wait for Tencent Music’s IPO later this year, right?
So, hurrah for wireless speaker maker Sonos. It’s now confidentially filed for its initial public offering, according to Bloomberg and the Wall Street Journal. Sonos itself hasn’t commented on any of this, but Bloomberg reckons the California-based company hopes to go public in June or July with a target market cap value of between $2.5 billion and $3 billion.
Sonos was an early player in what is now a booming market, of course, with Apple, Amazon and Google now also having their own wireless speaker products. That means the early player now has some big competition to deal with.
Sonos still differentiates itself by boasting better sound quality than most of its competitors. Though that’s a USP Apple has also played with since launching its HomePod. However, the tech giant’s move into the smart speaker space has, to date, been somewhat lacklustre, which is good news for the Sonos business.
It remains to be seen whether that translates into investor confidence when the company lists this summer.
