Samurai Messenger Service prepares to deliver a packaged mattress from the bed delivery company Casper in New York.
Yana Paskova | The Washington Post | Getty Images
Privately held mattress maker Casper Sleep on Friday filed the regulatory paperwork to take the company public on the New York Stock Exchange under the ticker symbol “CSPR.”
Casper, which started out selling mattresses on the internet five years ago, said it lost $92.1 million in 2018 and $73.4 million in 2017, according to its stock registration statement with the Securities and Exchange Commission. It said it brought in net revenue of $357.9 million in 2018, of $250.9 million in 2017, and of $169.1 million in 2016.
Casper calls itself a “pioneer of the sleep economy” and values the global market at $432 billion. Casper’s potential reach in North America and Europe targets a market valued at $67 billion of that, leaving it plenty of runway for growth, the company said.
The company now sells pillows, sheets, night lamps and other bedroom accessories. It also has opened its own bricks-and-mortar stores and today has 60 of them, and has wholesale partners including Target.
But the mattress market has exploded with new entrants, including Purple, Leesa, Nectar and Tuft & Needle. Amazon and Walmart have both incubated their own mattress brands that they sell online. Casper also in its filing lists Tempur Sealy International, Serta Simmons Bedding and Sleep Number as competitors.
The explosion of competition is one reason why Casper has pivoted to say it wants to be more than just a mattress company. Its co-founder Neil Parik has said Casper aims to be the “Nike of sleep.”
Casper’s initial public offering comes on the heels of a number of other e-commerce-focused businesses going public, including apparel retailer Revolve, the high-end secondhand marketplace The RealReal and online pet company Chewy.
Casper said that as of Dec. 31, it employed 597 people full time, and 234 people part time.
Casper was named No. 8 on CNBC’s Disruptor 50 list in 2019.
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