Sonos Files For IPO At $3 Billion Valuation
Sonos is filed to go public as early as June, the Wall Street Journal reported on Wednesday. According to documents filed with the SEC, Sonos hopes to be valued at $3 billion for the IPO.
The Sonos IPO comes on the heels of Spotify's successful direct public stock offering, and strong signs Tencent Music, the giant Chinese based music streamer, while file for an IPO in the coming weeks. Vivendi, the parent of Universal Music Group, has also publicly stated that it's exploring spinning off the world's largest music group with an IPO.
Last year, Sonos CEO Patrick Spence told Variety that the smart speaker manufacturer was considering an IPO. “We are considering whether an IPO would be the next best thing,” he said. “We are in a strong place, growing, profitable.”