Casper — CSPR — The Unfriendly Mattress Company

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.


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