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?”
Comes once again our dear friends from Casper the mattress company.
You will recall we wrote about them here:
wherein we cast some shade on the impending unicorn — $1B market cap post IPO — value of Casper.
After a blood bath with the failed WeWork, the IPO market is coming back for another IQ test — how stupid are you?
This is not a drill.
Comes hither our sleepy friends Casper, the mattress folks.
Spooky.
Mattresses, Big Red Car? Really?
OK, so there are powerful forces at work here, but, first, we need a nap. A nice refreshing nap.
Mattresses are a symptom of several interesting things:
1. Mattresses are symptomatic of how the Internet is wrecking “bricks & mortar” retail.
2. Mattresses are symptomatic of how the Internet is spawning unbridled competition.
3. Mattresses are symptomatic of how the cycle of legacy businesses disrupted by the Internet and returning to the original legacy methodology is asserting itself.
4. Mattresses are symptomatic of how the commercial real estate business is being impacted by the move of commerce to the Internet.
Shall we?
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