Casper Sleep’s stock price closed at $11.31 on its second day of trading on the public markets, falling 16 percent below its previous close and below its IPO price.
Subscribe to the Crunchbase Daily
The company’s stock opened at $14.50 on Thursday, its first day of trading, and closed at $13.50. Its stock opened at $13.97 Friday morning before dropping to $11.31 by the close of markets.
It hasn’t been the smoothest transition from private to public for the mattress startup. Casper initially set a price range of between $17 and $19, dropping the company’s valuation to about $786 million–quite a bit below the $1.1 billion valuation Casper last had as a private company after it raised its $100 million Series D in March 2019.
Earlier this week, Casper lowered the price range to between $12 and $13, further sinking the valuation. It eventually priced its shares at $12 apiece, at the bottom of the range, and was then valued at $475.5 million ($490.6 million if underwriters exercise their options).
Illustration Credit: Li-Anne Dias