Smart speaker maker Sonos is looking to go public as early as June, the Wall Street Journal reported Wednesday. The company has confidentially filed with the SEC for a public offering and is looking to be valued as much as $3 billion, according to the paper.
Sonos has been mulling over an IPO for some time, in part to raise funding for a further expansion of its retail footprint. The company is currently operating stores in New York, London, Shanghai and Berlin. A public offering could bring in several hundred million dollars for Sonos, according to the Wall Street Journal.
This isn’t the first time a potential Sonos IPO is making headlines. Earlier this month, Variety was first to report that the company was looking to hire for key finance and legal roles, with job listings demanding previous public company experience.
One of the job listings also mentioned that the company is in the process of implementing SOX 404 compliance. This refers to section 404 of the Sarbanes – Oxley Act, which Congress passed in 2002 to protect investors of public companies through better disclosures.
Last year, Sonos CEO Patrick Spence told Variety that the company was looking at an IPO as a possible next step: “We are considering whether an IPO would be the next best thing,” he said. “We are in a strong place, growing, profitable.”