UPDATE 1-Casper Sleep shares pop 21% in market debut [Reuters]
Casper Sleep Inc. (CSPR)
Company Research
Source: Reuters
UPDATE 1-Casper Sleep shares pop 21% in market debut (Adds stock movement, background) By Bharath ManjeshR Feb 6 (Reuters) - Casper Sleep Inc’s shares jumped 21% in their debut on Thursday, partially making up for the haircut the online mattress retailer took on its valuation after its offering was priced on Wednesday. Shares rose as much as 30% in early trade. The stock opened at $14.5, giving the company a valuation of $574.6 million, which is still a far cry from the $1.1 billion Casper had commanded in a private fundraising round last March. There has been a significant mismatch between the valuations startups have attained in private fundraising rounds and what the stock market investors have been willing to assign them. Casper said it sold 8.35 million shares in the IPO at $12 to raise $100.2 million on Wednesday. The mattress retailer had cut its IPO target range to $12-$13 per share from $17-$19 per share. “There has been a significant pushback on Casper based on three words:
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