Online mattress company expects lower valuation in IPO
Online mattress retailer Casper is expecting its initial public offering (IPO) valuation to be significantly lower than its last funding round.
The company, whose investors include actors Kevin Spacey and Leonardo DiCaprio and rapper 50 Cent, plans to sell 8.35 million shares at between $17 to $19 per share, with another 1.25 million shares reserved for its underwriting banks.
The top end of the range values the company at $768.2 million, markedly lower than the $1.1 billion valuation that it commanded in the last funding round in March last year, according to a CNBC report.
The company’s debut comes as Casper, which ships mattresses directly to customers, has been expanding into brick-and-mortar retail, transitioning from temporary to permanent stores.
Morgan Stanley, Goldman Sachs and Jefferies are the lead underwriters on the IPO.
The company has projected its net loss will widen to as much as $96.4 million this financial year from the $92.1 million the previous year.
Comment Manually
You must be logged in to post a comment.
No comments