Smart speaker company Sonos has reportedly moved forward with previously telegraphed plans to go public. According to multiple reports, the California-based firm has confidentially filed necessary paperwork with the Securities and Exchange Commission for an IPO, making it the latest tech company to try its hand at Wall Street.
The Wall Street Journal and Bloomberg are reporting that Sonos is eyeing June or July for the listing, with a targeted market value of between $2.5-3 billion. The company has enlisted the help of Morgan Stanley and Goldman Sachs to lead the offering, and they recently put up a job posting for a corporate controller and general counsel with experience at publicly-traded companies.
Sonos’ plan to go public was expected; as early as Jan. 2017, CEO Patrick Spence said the company was “considering whether an IPO would be the next best thing,” and it appears Spotify’s relatively smooth debut on the NYSE may have inspired other tech companies to follow suit.
Smart speaker sales more than tripled in 2017, with nearly 25 million sold in the Amazon Echo-dominated market. Sonos’ other competition includes the Google Home and Apple’s new HomePod.