Mattress company Casper's valuation has been cut in half in the span of 1 year

(Image credit: Rachel Murray/Getty Images for Casper Sleep Inc.)

published 5 February 2020

That didn't go as planned.

Casper Sleep Inc., a New York-based startup which sells mail-delivered foam mattresses, cut the expected price range for its initial public offering from between $17 to $19 per share to between $12 and $13, The Wall Street Journal reported Wednesday.

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It looks like the beginning of a larger trend, the Journal reports. The market hasn't been kind to companies that aren't profitable like Casper — which reportedly "has a tendency toward burnign through capital" — for months, and the lack of demand for Casper's stock at the earlier price points signals a rough IPO season, which already will feature fewer well-known companies, to come, per the Journal.

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Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.