Casper ends public debut worth less than half private valuation [Business News Network (BNN) Energy & Resources (Canada)]
Casper Sleep Inc. (CSPR)
Company Research
Source: Business News Network
Casper ends public debut worth less than half private valuation Bed-in-a-box seller Casper Sleep Inc. rose in its trading debut, but still ended the day worth less than half the valuation it reached as a private company. Shares of Casper closed up 13 per cent Thursday at US$13.50 apiece in New York, giving the company a market value of US$535 million. The online mattress retailer was last valued at US$1.1 billion in a private funding round last year. Casper sold 8.35 million shares Wednesday for US$12 each. This came after it cut its price target significantly from an initial range of US$17 to US$19. “We’re seeing consumers come back very frequently to buy from Casper,” Chief Executive Officer Phillip Krim said in a Bloomberg TV interview. “That will continue to accelerate as we bring more products to market.” The IPO shows investors have grown skeptical of money-losing unicorns -- startups whose private valuations reached US$1 billion or more. The listing follows landmark but largely
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