Startups

Casper Prices Shares Between $17 And $19 With Valuation Below $1B

Mattress startup Casper is expected to price its shares between $17 and $19 each, according to an updated regulatory filing with the U.S. Securities and Exchange Commission.

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The company is aiming to raise $182.4 million if its shares price at the top of the range, bringing Casper’s valuation to up to about $768.2 million if underwriters exercise their options.

Casper’s maximum valuation is considerably below what it was last valued at privately. After the company raised its $100 million Series D in March 2019, it was valued at about $1.1 billion.

Questions about private valuations have been floating since WeWork’s IPO flop in the fall. WeWork had a private valuation as high as $47 billion (following its $1 billion Series H in January 2019) but saw its valuation slashed by tens of billions as it went through the IPO process.

In its S-1 filing, the company reported net revenue of $312.3 million for the first nine months of 2019, an increase of 20.3 percent from $259.7 million during the same period in 2018. Its losses came out to $67.4 million for the first nine months of 2019, which was about 5 percent higher than losses during the same period in 2018.

Casper reported having 1.4 million customers who have purchased at least one of the company’s 27 sleep products, which include mattresses, pillows and bedding.

As a private company, Casper raised $339.7 million in funding, with backers including IVP, NEA and Red Cart Ventures (the corporate investment arm of Target), according to Crunchbase. It raised its first round of seed funding in February 2014, a  $13.1 million Series A in August 2014, a $55 million Series B in June 2015 and a $170 million Series C in June 2017. As we mentioned before, it last raised money in March 2019 with its $100 million Series D.

Casper is expected to start trading on the New York Stock Exchange under the ticker “CSPR” on Thursday, Feb. 6, according to IPO Scoop.

Illustration Credit: Li-Anne Dias

 

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