Venture Capital: What the IPO Market Needs Now – To Wake Up

The firm plans to list on the NYSE under the ticker CSPR.

Casper Sleep, the online mattress retailer, has filed for its initial public offering. According to an SEC filing, the company has planned an offering at $100 million. Morgan Stanley, Jeffries Financial Group, and Goldman Sachs are leading the share sale.

Primary backers of the unicorn include Canada Goose CEO Dani Reiss and Target Corporation. Its initial investors also included VC firms and angel investors like rappers 50 and Nas, and actors Leonardo DiCaprio and Ashton Kutcher.

Casper Sleep IPO Details

The online mattress company has reported both an uptick in revenue and losses as it struggles against imitators like Purple, Saatva, Leesa. Nonetheless, the firm expects to reach $1.1 billion. The company reported revenue for the first nine months of 2019 at $312 million.

That figure was a 20% jump from the same period in 2018. However, the company saw its losses increase from $64 million in those nine months of 2018 to $67 million during the first nine months of last year.

The company also experienced a minor restructuring in December. It fired roughly 30 people last month, according to Bloomberg.

The firm also listed a series of risks in its S-1 that included the hope that a market called the “sleep economy” will exist in the future. However, the firm admitted that this “sleep economy” may not grow in the manner the firm expects.

“The market for sleep products and services as a distinct retail category continues to evolve,” the firm writes. “It is uncertain whether the demand for our sleep products and services will continue to grow and achieve wide market acceptance.”

The company will list under the ticker “CSPR” on the New York Stock Exchange.

Recent: Private Equity: TPG to Launch Strategic Capital Fund

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January 16, 2020

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