The stock will be listed under "CSPR" on the New York Stock Exchange.
Casper sells mattresses and other sleep-related products directly to consumers.
The New York-based starup launched in April 2014 after raising nearly $2 million from venture capital firms and angel investors, including rapper Nas and actor Ashton Kutcher.
Although revenue has grown fast - it brought in $358 million in annual sales in 2018, up 38.7% from the prior year - the company has yet to make money. In a statement with the Securities and Exchange Commission, the company said it lost $92.1 million in 2018 and $73.4 million in 2017, with net revenue of $357.9 million in 2018 and $250.9 million in 2017. For the first nine months ended September 30, it had sales of $312.3 million.
Founded in 2014, Casper proved naysayers wrong that no one would buy a mattress online. Its direct-to-consumer model earned it the nickname the Warby Parker of mattress companies. Casper now offers four mattresses, pillows and sheets, a glow light and even a dog bed. Casper has the highest sales of online mattress brands like Purple and Nectar, but its share of the total market for selling mattress online slid to 5% in 2019, according to Rakuten Intelligence.
As Casper has expanded its offerings, it also has expanded in brick-and-mortar.
A chart later in the IPO shows that the domestic sleep market is also expected to grow at a rate well above the U.S. economy's 2.1%, at 3.6%. The company has served 1.4 million customers in seven countries in its first five years. Peloton blew $US324 million before its IPO, while WeWork spent $US378.7 million in 2019 before its offering failed to launch.
The company highlights the global sleep economy is estimated to be worth $432 billion in 2019, growing at a CAGR of 6.3% to $585 billion by 2024. This graphic shows how it aims to grow its offerings in the future.
The company reached a $1.1 billion valuation in a private financing round past year.