AP NEWS

Casper Sleep cutting price of IPO

February 5, 2020 GMT
FILE - This Aug. 8, 2018, file photo shows the Casper logo on the company's website, on a computer screen in New York. Online mattress pioneer Casper Sleep Inc. has filed regulatory paperwork to go public. Casper said in a filing Friday, Jan. 10, 2020, with the Securities and Exchange Commission that its stock will be listed under “CSPR” on the New York Stock Exchange. (AP Photo/Jenny Kane, File)
FILE - This Aug. 8, 2018, file photo shows the Casper logo on the company's website, on a computer screen in New York. Online mattress pioneer Casper Sleep Inc. has filed regulatory paperwork to go public. Casper said in a filing Friday, Jan. 10, 2020, with the Securities and Exchange Commission that its stock will be listed under “CSPR” on the New York Stock Exchange. (AP Photo/Jenny Kane, File)

Online mattress pioneer Casper Sleep Inc. is slashing the price of its initial public offering.

The New York-based company said in a filing with the Securities and Exchange Commission on Wednesday that it now anticipates offering approximately 8.4 million shares at $12 to $13 per share. Last month Casper said it expected to price the IPO between $17 and $19 per share.

The company has expanded beyond online selling, opening 60 Casper stores and selling to 18 retail partners like Target and Amazon. It has plans to eventually expand to more than 200 stores in North America.

It has also expanded beyond mattresses to pillows, sheets and dog beds. It currently operates in seven countries.

Founded in 2014, Casper proved naysayers wrong that no one would buy a mattress online. In fact, it revolutionized the way mattresses were delivered by coming up with a mattress flexible enough to be folded into a box small enough to fit into a trunk of a car.

The stock will be listed under “CSPR” on the New York Stock Exchange.