Sonos has raised the curtain on its plans to go public

Wireless speaker maker Sonos has raised the curtain on its plans to go public, hoping to win new fans on Wall Street with accelerating revenue growth and narrowing losses. The Southern California-based company said yesterday that it planned to list on Nasdaq under the symbol “SONO” after posting almost $1 billion in sales last year. As new tech company listings regain momentum, Sonos’ initial public offering will provide a payday for investors in the 16-year-old company such as KKR and Index Ventures… Sonos’ IPO filing comes hot on the heels of the release of its new soundbar, Beam, which connects to a TV set and can also be used to summon Amazon’s Alexa virtual assistant. The company is hoping to capitalise on investor interest in virtual assistants, as well as other tech trends including podcasting and the rapid growth of music streaming services such as Spotify… Since unveiling its first connected speaker in 2005, Sonos now has 19 million registered products in 6.9 million customers’ homes. Some 60 per cent of Sonos’ customers are repeat buyers and it estimates that customers collectively listened to 5 billion hours of audio on Sonos products last year, up 33 per cent. Sonos’ listing is the latest sign that tech companies are becoming more willing to go public, even as many of Silicon Valley’s most prominent companies, such as Uber and Airbnb, stay private for longer. 
Tim Bradshaw