Casper Sleep Files to Go Public
Online mattress company Casper Sleep on Friday filed regulatory paperwork to take the company public, according to a CNBC report. Casper Sleep would be listed on the New York Stock Exchange under the ticker symbol “CSPR.” In the filing with the Securities and Exchange Commission (SEC), Casper said it plans to use the proceeds to fund expansion of the business. It listed a stock offering of $100 million as a placeholder, but that will likely change based on investor demand.
Total Retail's Take: Founded in 2014, Casper revolutionized the way mattresses sold online were delivered. Casper created a mattress flexible enough to be folded into a box and small enough to fit into the trunk of a car. Since its founding, Casper has expanded beyond selling only online, opening 60 brick-and-mortar stores as well as selling to 18 retail partners, including Target and Amazon.com. The brand has also expanded its product line beyond mattresses to pillows, sheets and dog beds. Furthermore, Casper has plans to eventually expand to more than 200 stores in North America and to roll out new products and services that include “digital apps, meditation, sleep programming and counseling.”
With all that being said, Casper is losing money. In its stock registration statement with the SEC, it reported that it lost $92.1 million in 2018 and $73.4 million in 2017. However, in its filing, Casper says it has lots of room to grow, estimating that the global sleep economy was $432 billion last year.
