So, Casper — CSPR NYSE — got public at a value that is a meaningful discount to the last venture money valuation. Still, they got public.
The IPO went through some birth canal stress, exiting as a skinnier version of its most recent $1.2B private value. It is currently showing a public market cap of $346MM. That is one Hell of a haircut.
“Could you nip it a little close on the sides, please? But, don’t amputate the ears?”
The Initial Public Offering
CSPR made it out the door at$12/share and today is at $9.94/share. For those keeping score at home that is a 17.2% haircut. Not the end of the world, but they had already dropped their value by more than half.
We wrote about the mattress industry here:
Mattresses — The Sleeping Edge of the Internet
We skewered the Casper mattress here:
The Casper IPO IQ Test
and here:
Casper The Non-Unicorn Mattress Company
Casper still strikes me as a company engaged in an industry with no real company special sauce and no real tech other than eCommerce order entry and fulfillment. [Returns BTW are a huge problem.]
But, the company got public taking an $800MM haircut in the process.
Wow.
But, hey, what the Hell do I really know anyway? I’m just a Big Red Car. Be well. Hey, is that a bedbug on my Casper? JK
