Casper Sleep Could Be the First Unicorn to Come Public in 2020

Retail

Published: January 10, 2020 2:18 pm

Last Updated: January 11, 2020 8:34 am

Casper Sleep has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company values the offering at $100 million, although this number is usually just a placeholder. The company intends to list its shares on the New York Stock Exchange under the symbol CSPR.

The underwriters for the offering are Morgan Stanley, Goldman Sachs, Jefferies, Merrill Lynch, UBS Investment Bank, Citigroup, Piper Sandler and Guggenheim Securities.

Casper sells mattresses, pillows, blankets and other sleep-related items, both online and in retail locations. The company has served 1.4 million customers in seven countries in its first five years.

It’s no secret that the “sleep economy” is growing, as consumers spend more on wellness and are becoming more aware of the importance of sleep. This has been part of a broader trend as more consumers are pursuing healthier lifestyles.

In the filing, the company detailed:

In our first five years, Casper has experienced rapid growth. We believe our consumer focus, innovative products, and multichannel go-to-market strategy differentiate us both from legacy competitors and new entrants. For the years 2018, 2017, and 2016, our net revenue was $357.9 million, $250.9 million, and $169.1 million, respectively, representing a 45.5% compound annual growth rate, or CAGR, and for the nine months ended September 30, 2019 and 2018, our net revenue was $312.3 million and $259.7 million, respectively, representing 20.3% year-over-year growth.

Casper intends to use the net proceeds from this offering for working capital, to fund growth and for other general corporate purposes. This includes paying down debt.

After a round of funding in March, analysts are estimating Casper’s valuation at just over $1 billion.

24/7 Wall St.
20 Biopharma Stocks for Huge Upside Potential in 2020

In 20 Years, I Haven’t Seen A Cash Back Card This Good

After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.

A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.

Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.