Casper Files for IPO
Casper Sleep files for IPO
Well-known private mattress maker Casper Sleep has filed for its initial public offering.
It’s pointing to a “global sleep economy” of $432B as the opportunity, with $79B of that in the U.S. and a global compound annual growth rate of 6.3%. It’s filed for a placeholder sum of $100M.
The company’s not profitable yet, but growing rapidly. For the nine months ended Sept. 30, it logged revenue of $312M (up 20% Y/Y) and an operating loss of $65.1M (roughly flat). With most expenses tied up in sales/marketing and G&A, net loss was $67.4M for that period vs. a prior-year loss of $64.2M.
It’s seeking to list on NYSE under the symbol CSPR.
The company was valued post-money at $1.1B last year, after investments from companies including Target (TGT +1.1%).
As competitors, it faces mostly legacy mattress makers (including Tempur Sealy (TPX +0.3%), Serta Simmons and Sleep Number (SNBR +1.4%)) along with more recent direct-to-consumer entrants like Purple and Leesa.
The filing comes via Morgan Stanley, Goldman Sachs, Jefferies, BofA Securities, UBS Investment Group, Citigroup, Piper Sandler and Guggenheim.
See the IPO filing with the SEC here:
https://www.sec.gov/Archives/edgar/data/1598674/000104746920000166/a2240404zs-1.htm« Previous Post Next Post »