Online mattress pioneer Casper Sleep Inc. is slashing the price of its initial public offering.
The New York-based company said in a filing with the Securities and Exchange Commission on Wednesday that it now anticipates offering approximately 8.4 million shares at US$12 to $13 per share. Last month Casper said it expected to price the IPO between $17 and $19 per share.
For its part, Casper 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. 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.
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