Sonos, which designs and sells connected speakers and audio components, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $250 million.
The Santa Barbara, CA-based company was founded in 2002 and booked $1.1 billion in sales for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol SONO. Sonos filed confidentially on December 21, 2017. Morgan Stanley, Goldman Sachs, Allen & Company, RBC Capital Markets, Jefferies and KKR are the joint bookrunners on the deal. No pricing terms were disclosed.
