Mattress maker Casper files for IPO
Upstart mattress maker Casper filed Friday for an initial public offering.
Why it matters: This will be the next public market test of a consumer products company that venture capitalists have arguably valued like a tech company.
The big picture: Casper reports a $67 million net loss on $312 million in revenue for the first nine months of 2019, versus a $64 million net loss on $260 million in revenue for the year-earlier period.
- It has raised over $355 million in venture capital funding, most recently in early 2019 at a valuation just north of $1 billion. Investors include retailer Target.
- The IPO filing lists a $100 million target raise, but that's likely a placeholder figure.
- Morgan Stanley is listed as lead underwriter.
The state of play: The New York-based company, known for shipping mattresses inside of boxes, began as a direct-to-consumer e-commerce company, but has since opened 60 physical stores.
Editor's note: An earlier version of this story had an incorrect figure for 2018 revenue.
Go deeper: 2019's IPO misery