It has been reported for a while now that Sonos has been thinking about going public and the company has officially confirmed that now. The company had filed the required paperwork with the SEC back in April this year and it has now officially filed for a $100 million initial public offering. Sonos is one of the leading audio companies in the market, having been founded less than two decades ago in 2002.

Sonos has filed to go public on the Nasdaw Global Select Market under the “SONO” symbol. The filing documents revealed that the company has sold more than 19 million products in approximately 6.9 million households globally.

The company says that based on customer data, it estimates that its customers listen to almost 70 hours of content per month and to approximately 80 percent more music after they purchase their first Sonos product.

The documents also show that Sonos brought in $655.7 million in revenue between October 2017 through May 2018, registering a net income of $13.1 million. The company’s revenues last year were $992.5 million but it posted a net loss of $14.2 million for the fiscal year. Sonos generated 55 percent of that revenue in the United States.

Reports suggest that the company’s market valuation might be around $3 billion once it goes public. Sonos is looking to expand post-IPO and it says that it may look beyond its core home sound systems and develop products “that have wider applications in everyday life, such as commercial or office.”

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