Consumer electronics company Sonos (SONO) files for an IPO on the Nasdaq.
The company plans to use the IPO funds for working capital and other general corporate purposes.
Sonos says it "sits at the intersection of emerging trends driving the future of home entertainment" and lists Apple Music, Pandora, Spotify and TuneIn as content providers for its smart speaker system.
The company posted revenue of $655.67M for the six months ending on March 31, 2018 and adjusted EBITDA of $50.51M.
Sonos lists a formidable list of competitors in its filing, including Bang & Olufsen (OTCPK:BGOUF), Bose, Samsung (OTC:SSNLF, OTC:SSNNF) subsidiaries Harman Kardon and JBL, Sony (NYSE:SNE) and Sound United subsidiaries Denon and Polk and developers of voice-enabled speakers and systems such as Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Google (GOOG, GOOGL).
Source : https://seekingalpha.com/news/3368334-smart-speaker-juggernaut-sonos-files-ipo203