Casper prices its IPO at $12 a share, giving it a valuation of $490 million, confirming that it's no longer a unicorn
At that price, the company will raise as much as $115.2 million in the offering, before fees, which is far less than it was previously expecting. As recently as last month, the company expected to raise as much as $182.4 million, before fees.
Casper had already indicated that public investors were more skeptical of its money-losing business than its venture backers were. The company initially said it expected to price its IPO at between $17 and $19 a share. Even it had priced its offering at the top of that range, Casper— below its private market valuation.
Casper is one of more than 400 so-called unicorns — private, venture-backed companies with a valuation of more than $1 billion. It's only the latest to run into problems with public investors.
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