Online sleep company Casper has filed for an initial public offering (IPO) on the New York Stock Exchange. Valued at $1.1 billion at its most recent fundraising round in 2019, New York-based Casper has a full portfolio of 27 engineered sleep products, including mattresses, pillows and bedding, all of which are developed in-house by the company’s award-winning R&D team at Casper Labs in San Francisco.
With more than 1.4 million customers, Casper has operations in seven countries and is primed to become one of the most influential health and wellness brands globally. The IPO documents showed that Casper’s net revenue compound annual growth rate between 2016 and 2018 was 45.5%. In addition, net revenue in the first nine months of 2019 reached $312.3 million, a 20.3% rise on the same period a year previously.
The filing also showed that Casper plans to expand operations to more than 20 countries, with a portfolio of 100 retail stores in North America alone. According to Casper, the worldwide sleep economy was worth $432 billion in 2019 ($79 billion in the US alone), with the industry’s compound annual growth rate averaging 6.3% to 2024.
The lead underwriters on the IPO are Morgan Stanley, Goldman Sachs and Jefferies.