Sonim Technologies, a US-based ultra-rugged accessory provider backed by communications equipment supplier Motorola Solutions and electronics producer JVC Kenwood, has filed for a $57.5m initial public offering.
Founded in 1999, Sonim produces ultra-rugged products such as smartphones and industrial-grade accessories such as headsets and remote speaker microphones that are purpose-built for hazardous, isolated, emergency and mission-critical situations.
Proceeds will support an expansion of Sonim’s sales and marketing efforts in addition to increased research and development activities. It has raised more than $117m in equity and debt financing, according to regulatory filings and press releases.
Motorola Solutions invested $10m in the company in 2016, according to the IPO filing, while JVC Kenwood supplied $10m in funding the following year.
Motorola Solutions owns an 8.7% stake in Sonim while JVC Kenwood holds 7.8%. Hedge fund sponsor Nokomis Capital owns a 23.3% share, and financial services group B. Riley Financial 20%.
Sonim’s investors also include Verdoso (9.3%), Investec Investments (8.9%), SIAR Capital, Apax Partners, 3i Group, Accel and BV Capital.
Oppenheimer is lead book-running manager for the IPO, which is set to take place on the Nasdaq Stock Market. Lake Street Capital Markets is joint book-running manager while National Securities Corporation is co-manager.
