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Casper Sleep files for IPO

Jan. 10, 2020 3:07 PM ETCasper Sleep Inc. (CSPR) StockTGT, TPX, SNBRBy: Jason Aycock, SA News Editor31 Comments
  • Well-known private mattress maker Casper Sleep has filed for its initial public offering.
  • It's pointing to a "global sleep economy" of $432B as the opportunity, with $79B of that in the U.S. and a global compound annual growth rate of 6.3%. It's filed for a placeholder sum of $100M.
  • The company's not profitable yet, but growing rapidly. For the nine months ended Sept. 30, it logged revenue of $312M (up 20% Y/Y) and an operating loss of $65.1M (roughly flat). With most expenses tied up in sales/marketing and G&A, net loss was $67.4M for that period vs. a prior-year loss of $64.2M.
  • It's seeking to list on NYSE under the symbol CSPR.
  • The company was valued post-money at $1.1B last year, after investments from companies including Target (TGT +1.1%).
  • As competitors, it faces mostly legacy mattress makers (including Tempur Sealy (TPX +0.3%), Serta Simmons and Sleep Number (SNBR +1.4%)) along with more recent direct-to-consumer entrants like Purple and Leesa.
  • The filing comes via Morgan Stanley, Goldman Sachs, Jefferies, BofA Securities, UBS Investment Group, Citigroup, Piper Sandler and Guggenheim.

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CSPR--
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