Casper Sleep disclosed in a government filing that it would cut its initial public offering price to a range between $12 and $13 per share.
Mattress startup Casper Sleep disclosed in a government filing Wednesday that it would cut its initial public offering price to a range between $12 and $13 per share, down from a prior range between $17 and $19.
The top end of the new price range values the company around $520 million, down from $760 million based on the prior price range. That's also well below the valuation implied by its latest round of private funding that valued Casper at $1.1 billion. Casper, which began selling mattresses on the internet five years ago, earlier this month announced plans to take the company public on the New York Stock Exchange under the ticker symbol "CSPR." It plans to sell some 9.6 million shares, including underwriters' options.
The latest in a string of IPOs over the last couple years, Casper represents much of what Silicon Valley investors have flocked to in recent years: Big ideals and vision with less emphasis on balance sheet fundamentals and earnings. The self-described "pioneer of the sleep economy" disclosed earlier this month that it lost $92.1 million in 2018 and $73.4 million in 2017, according to its stock registration statement with the Securities and Exchange Commission. It said it brought in net revenue of $357.9 million in 2018, of $250.9 million in 2017 and of $169.1 million in 2016.
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