Jan 10, 2020

Mattress maker Casper files for IPO

Photo: Rachel Murray/Getty Images for Casper Sleep Inc.

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

Go deeper

Unpacking Casper's sleepy IPO

Illustration: Aïda Amer/Axios

Casper Sleep, the mattress retailer that was valued at more than $1 billion by venture capitalists, last night priced its IPO at the bottom of an already-slashed price range.

Reality check: Yes, this went just about as badly as most of us thought it would. No, it shouldn't be used as an avatar for the broader IPO or DTC markets.

Go deeperArrowUpdated Feb 6, 2020 - Economy & Business

Casper falls below unicorn status in new IPO filing

Photo: Rachel Murray/Getty Images for Casper Sleep Inc.

Mattress maker Casper Sleep on Monday seemed to acknowledge skepticism toward its upcoming IPO by disclosing that it doesn't expect to maintain the "unicorn" valuation it received from venture capitalists.

The bottom line: Casper plans to price shares at between $17 and $19, giving it a midpoint valuation of $705 million. It last raised private funding in early 2019 at a valuation of nearly $1.1 billion.

Go deeper: Casper lists inability to control social media influencers as IPO risk

Keep ReadingArrowJan 27, 2020

The IPO-pocalypse didn't last long

Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

The IPO-pocalypse sure didn't last long.

What's happening: Three months after WeWork pulled its offering, we're expecting an offering above $1 billion this week and another next week. It also appears that mattress maker Casper will push forward with its listing, albeit as an "undercorn."

Go deeperArrowJan 27, 2020