Deals
Sonos to Raise Up to $264 Million in Initial Public Offering
- Company was seeking valuation of up to $3 billion, sources say
- Wireless speaker pioneer competes with Amazon, Google, Apple
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Sonos Inc., the wireless speaker pioneer taking on Amazon.com Inc., Google and Apple Inc., plans to raise as much as $264.1 million in its upcoming initial public offering.
While the wireless speakers market is booming -- Sonos says its customers listen to about 70 hours of content a month -- competition has increased since the company introduced its first home-audio system in 2005. Sonos, which has traditionally marketed its sleek, high-end speakers to audiophiles who prize sound quality, cited an “extremely competitive and rapidly evolving” market among risk factors in its IPO.