'This is one of those deals where if they had brought it higher it would have been crushed,' CNBC's Jim Cramer said ahead Casper's Thursday debut as a publicly traded stock.
Cramer said he thought Casper ultimately was wise to lower its price-per-share targets before it began trading to avoid the pitfall of tighter valuation scrutiny in the current climate in the public markets.
"This is one of those deals where if they had brought it higher it would have been crushed," he said. "They really have been very good about where to do it. It's a very small deal." While Casper began selling mattresses online through a direct-to-consumer model, it has since 60 opened retail stores, with goals to have. It also expanded its product offerings to include bedroom furniture and fixtures such as pillows and lamps.
But Cramer cast doubt on long-term demand around Casper's core product. "It's a bed that is mailed ... It's not exactly Clorox wipes when you're on a subway car, in terms of demand."Related Tags
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