Sounds rich

9 July 2018 By Tom Buerkle

The wireless-speaker maker plans to go public and may target a $3 bln valuation. That’s pitched high for a firm facing stiff competition and losing money on barely double-digit sales growth. But it’s a trifle for Amazon CEO Jeff Bezos, who can mimic Apple’s success with Beats.

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Sonos, a maker of wireless speaker systems, filed with the U.S. Securities and Exchange Commission on July 6 for an initial public offering of stock. The company, in which private-equity firm KKR owns 25.7 percent and venture-capital outfit Index Ventures 13 percent, had net income of $13 million on revenue of $656 million in the six months ended March 31, compared with $15 million and $555 million, respectively, in the same period a year earlier.

Morgan Stanley, Goldman Sachs and Allen & Co are the lead underwriters on the deal.

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