Casper IPO spikes in trading debut

Shares trade under the ticker 'CSPR'

Casper Sleep Inc. shares spiked 29 percent in their New York Stock Exchange debut on Thursday morning, opening at $14.50 apiece before closing at $13.50.

Ticker Security Last Change Change %
CSPR CASPER SLEEP INC 3.71 -0.10 -2.62%

The New York-based online mattress retailer priced 8.35 million shares at $12 apiece, the bottom end of its expected range, on Wednesday evening, raising $100.2 million. Earlier Wednesday, shares were expected to price between $17 and $19 apiece.

At $12 a share, Casper is valued at $470 million, about half of what was expected a year ago.

Through the first nine months of 2019, Casper lost $67.4 million on sales of $312.3 million, according to a regulatory filing.

Morgan Stanley, Goldman Sachs and Jefferies served as joint lead book-running managers for the offering.

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Casper shares trade under the ticker CSPR.