Sonos, founded in 2002, is making hi-tech speakers compatible with many music streaming providers including Apple Music, Pandora, Spotify and TuneIn. The company has grown to become a big player in the competitive home audio market, battling established players such as Bang & Olufsen, Bose and Sony as well as Apple. The company's latest voice-controlled speakers use Amazon's Alexa technology, putting them in competition with Apple's HomePod speakers, which are powered by Siri. But Sonos ' products also are being integrated in Apple's new AirPlay 2 wireless music-streaming system and Google's Assistant.
Sonos said as of March 31, its customers had registered more than 19 million products in about 7 million households around the world. In fiscal 2017, people listened to about 5 billion hours of audio content using Sonos products, about a third more than in the previous year, according to a regulatory filing.
It is not clear how many shares Sonos planned to sell or their expected price. The company set a placeholder amount of $100 million to indicate the size of the IPO. It is targeting a valuation of about $2.5 billion to $3 billion according to some reports.