July 6, 2018 / 1:47 PM / a year ago

Wireless speaker maker Sonos Inc files for IPO

July 6 (Reuters) - Wireless speaker company Sonos Inc filed for an initial public offering on Friday, riding on the back of increasing popularity of streaming music on connected audio systems though smartphone apps.

The Santa Barbara, California-based company, backed by KKR Stream Holdings LLC, said bit.ly/2KEEilt it intends to list on the Nasdaq Global Select Market under the symbol "SONO."

Sonos’ connected speakers have attracted audiophiles around the world, with the company partnering with around 100 music streaming providers including Apple Music, Pandora, Spotify and TuneIn.

The company’s products are distributed in over 50 countries and 55 percent of the total revenue in fiscal 2017 was from outside the United States.

The filing did not reveal how many shares Sonos planned to sell or their expected price. The company set a nominal amount of $100 million to indicate the size of the IPO.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Morgan Stanley, Goldman Sachs and Allen & Co are among the lead underwriters for the offering. (Reporting by Nikhil Subba in Bengaluru Editing by Saumyadeb Chakrabarty)

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