Casper Sleep Inc. files to go pub­lic

Antelope Valley Press - - BUSINESS -

NEW YORK (AP) — On­line mat­tress pi­o­neer Casper Sleep Inc. has filed reg­u­la­tory pa­per­work to go pub­lic.

Casper said in a fil­ing Fri­day with the Se­cu­ri­ties and Ex­change Com­mis­sion that it plans to use the pro­ceeds to fund ex­pan­sion. It listed a stock of­fer­ing of $100 mil­lion as a place­holder, but that will likely change based on in­vestor de­mand.

The New York-based com­pany has ex­panded be­yond on­line sell­ing, open­ing 60 Casper stores and sell­ing to 18 re­tail part­ners like Tar­get and Ama­zon. It has plans to even­tu­ally ex­pand to more than 200 stores in North Amer­ica.

It has also ex­panded be­yond mat­tresses to pil­lows, sheets and dog beds. It cur­rently op­er­ates in seven coun­tries.

Founded in 2014, Casper proved naysay­ers wrong that no one would buy a mat­tress on­line. In fact, it rev­o­lu­tion­ized the way mat­tresses were de­liv­ered by com­ing up with a mat­tress flex­i­ble enough to be folded into a box small enough to fit into a trunk of a car.

It says it has lots of room to grow, es­ti­mat­ing that the global sleep econ­omy was about $432 bil­lion last year. It says the U.S. sleep busi­ness was nearly $80 bil­lion last year.

Still, Casper is los­ing money. For the first nine months ended Sept. 30, it had sales of $312.3 mil­lion. Net losses were $67.4 mil­lion dur­ing that pe­riod. In 2018, sales were $357.9 mil­lion, while losses were $92.1 mil­lion. In 2017, the com­pany had sales of $250.9 mil­lion and in­curred losses of $73.4 mil­lion.

AS­SO­CI­ATED PRESS

This Aug. 8, 2018, file photo shows the Casper logo on the com­pany’s web­site, on a com­puter screen in New York.

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