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.
It's a continuation of a downward slide for the company's valuation, which on private markets a year ago was over $1 billion and has since been cut in half.
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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.
At least Casper's executives have comfortable mattresses to stave off any sleepless nights. Read more at The Wall Street Journal.
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