Casper Sleep, a direct-to-consumer mattress and bedding brand, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $104 million by offering 8.35 million shares at a price range of $12 to $13. Insiders intend to purchase $20 million worth of shares in the offering (19% of the deal). The company had previously filed to offer 8.35 million shares at a range of $17 to $19. At the midpoint of the revised range, the mattress unicorn will raise -31% less in proceeds than previously anticipated.
Casper Sleep was founded in 2013 and booked $411 million in sales for the 12 months ended September 30, 2019. It plans to list on the NYSE under the symbol CSPR. Morgan Stanley, Goldman Sachs, Jefferies, BofA Securities, UBS Investment Bank, Citi, Piper Jaffray and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of February 3, 2020.
