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Casper seeks IPO value of up to US $744 Million

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Online mattress retailer Casper Sleep Inc. plans to raise as much as US$159 million in its initial public offering, setting up a test of investor appetite for pioneering firms whose losses have grown with their revenue.

The New York-based company said in a filing Monday that it planned to sell 8.35 million shares for US$17 to US$19 each. At the top end of the range and excluding the over-allotment option for underwriters, the company would be valued at just over US$744 million — a drop from a previous assessment of US$1.1 billion.

Casper, founded in 2014, became one of the leading brands in the so-called “bed-in-a-box” industry thanks to its pioneering status in the niche and savvy marketing. Since then, a slew of competitors have emerged in the U.S. and abroad. From 2016 to September 2019, it spent US$422.8 million on marketing, according to an earlier filing.

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