Casper slashes valuation ahead of flotation
Mattress in a box brand Casper has drastically cut its valuation ahead of its stock market flotation.
The company announced it would issue shares at US$12, rather than the US$17-US$19 range it had set out last week.
The new price would raise US$108m and value the company at US$512: well below the US£$1.1bn valuation it attempted to raise in a private fundraising last year.
In the first three quarters of 2019 Casper saw sales increase by a fifth to US$312m, but losses rose by 5% to US$67m.
The shares are expected to begin trading on the New York Stock Exchange today (Thursday) when the market opens.