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Casper will raise up to $182 million in its IPO ' valuing the company below its March 2018 quote

Published by Business Insider on Mon, 27 Jan 2020

Casper plans to raise as much as $182.4 million in its IPO, according to a Monday SEC filing.The online mattress retailer expects to sell 9.6 million shares at between $17 and $19 per share, reaching a market value as high as $768.2 million.The market cap estimate falls below the $1.1 billion valuation Casper saw in a March funding round.Visit the Business Insider homepage for more stories.Casper announced Monday it plans to raise as much as $182.4 million in its initial public offering.The online mattress retailer expects to sell 9.6 million shares at between $17 and $19 per share, according to a Monday Securities and Exchange Commission filing.The market debut would set the company's market value as high as $768.2 million. Casper's last private funding round from March 2018 drove its private valuation to nearly $1.1 billion. The discounted offering price suggests Casper may be adjusting to an IPO market wary of buzzy startup firms.Casper's investors include Target, Lerer Hippeau Ventures, IVP, NEA, and celebrity figures including Leonardo DiCaprio and 50 Cent.Casper's public debut arrives after a slew of unicorn IPOs stumbled in 2019. Large offerings from Uber, Lyft, and Peloton tanked in their first days of trading as investors balked at yearly losses and prioritized profitability over rapid growth.WeWork was on track to go public in 2019 as the US's highest-valued startup, but soon canceled its IPO in the wake of analyst scrutiny and a plummeting private valuation.Casper's S-1 filing revealed net revenues reaching $357.9 million in 2018 from $250.9 million in 2017. Net losses also grew, hitting $92.1 million in 2018 from $73.4 million in 2017.The startup filed to go public on January 10 and trade under the ticker "CSPR." Casper will use funds raised in the IPO to grow its staff, develop new products, and expand its brick-and-mortar footprint, according to the company's S-1.Morgan Stanley, Goldman Sachs, and Jefferies are the lead underwriters for the offering.Now read more markets coverage from Markets Insider and Business Insider:The next development in trade-war talks hinges on China's intellectual property planand whether the US will accept itBANK OF AMERICA: Here are 5 'out of consensus' and not-priced-in market callsBristol-Myers Squibb is planning to launch 8 drugs in 18 months for everything from cancer to multiple sclerosis. Here's what they are and how the $150 billion pharma giant plans to pull it off.Join the conversation about this storyNOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
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