Sonos files for IPO

Wireless speaker maker Sonos has filed for an initial public offering.

The company is on track to surpass $1 billion in sales this fiscal year after booking revenue of $655.7 million for the six months ending in March, according to a filing with the Securities and Exchange Commission on Friday.

Sonos also reported a profit of $13.1 million for the latest six-month period. During the same period a year earlier, Sonos’ profit hit $15.2 million on revenue of $555 million.

The Santa Barbara, California-based technology company has finished each of the past three fiscal years with annual losses. Sonos recorded a net loss of $14.2 million in the most recent fiscal year ending in September 2017, down from $38.2 million in the prior year.

Sonos will trade on the Nasdaq under the ticker symbol SONO. The stock is expected to begin trading later in July or early August, according to The Wall Street Journal. The IPO would value Sonos at roughly $2.5 billion to $3 billion, the Journal reported, citing a person familiar with the deal.

Sonos speakers allow users to wirelessly stream music in multiple rooms. The company has sold approximately 19 million products that are used in 6.9 million households worldwide.

Its newest product, the Sonos Beam soundbar, will cost $399 when it goes on sale later this month.