Sonos files for IPO with plans to raise $100 million

Sonos, the smart home audio system for design/music lovers, just filed for IPO in an attempt to take on the greater connected consumer electronics industry.

On Friday, the Santa Barbara-based company applied to list itself on the Nasdaq Global Select Market under the ticker symbol “SONO.” In the filing, Sonos claims to have over 19 million registered products in approximately 6.9 million households globally. In 2017, the company generated $992 million in revenue, a 10% increase from $901.3 million in 2016.

Last year, Sonos differentiated itself from competitors by becoming a platform.

“We estimate that, on average, our customers listen to approximately 70 hours of content per month and to approximately 80% more music after purchasing their first Sonos product,” reads the filing.

The 2016 Most Innovative Company aims to raise $100 million to compete in what it calls an “extremely competitive and rapidly evolving” market. Sonos plans to release more products and software updates to its popular home audio portfolio. Its chief competitors include well-known sellers of speakers such as Bang & Olufsen, Bose, Samsung, Sony, and Sound United, as well as developers of voice-enabled speakers and systems like Amazon, Apple, and Google.