Sonos, the wireless speaker company, is setting its sights on an initial public offering of $105 million. The company filed paperwork this spring in order to pursue an IPO, although no date has been set at this time. When the offering happens, though, Sonos will make 5.55 million shares available at a price range between $17 and $19 per share. At the maximum price point, the action could yield $105 million for the company, which has been making its first forays into voice-activated speakers.
The industry for smart speakers and wireless speakers has been gaining traction. The latest Smart Audio Report from Edison Research and NPR show steady growth in the audience for this product segment, and sales projections appear strong. Sonos has a strong background in audio engineering, and its wireless speakers were industry leaders before the shift to voice controls. Now, its main value could also be its main risk: it is strictly a hardware company with a third-party product that depends on the voice assistants of other businesses. The agnostic route could be particularly appealing for consumers who don’t want to commit to a single tech giant’s entertainment silo, but it also means Sonos needs to maintain a positive business relationship with Amazon, Google, and Apple in order to make that sales pitch.