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Casper CEO Is Excited By The Performance Of The IPO Market


03/31/2019


Casper CEO Is Excited By The Performance Of The IPO Market
The performance of the public markets has been good this year, according to the Casper CEO Philip Krim. He however refrained from saying whether his company would also get into the public sphere and launch an initial public offering, as had been reported earlier.  
 
"I am excited that the IPO market is doing well," he said in an interview with a televiosn news channel.
 
With respect to an earlier report by Reuters claiming that Casper is looking out to hire underwriters for an initial public offering, Krim simply did not offer any comments.
 
An IPO is "great for late-stage financing in general and it's good for companies that are growing quickly, and it's been a very valuable market for folks", he however said.
 
Casper recently announced that it had raised $100 million in funding – which took its value to $1.1 billion, from an investing round and which included names such as actor Leonardo DiCaprio, rapper 50 Cent and retailer Target.
 
The comments of Krim coincided with the IPO debut of US ride hailing company Lyft which saw its share price increase by as much as 23 per cent on Friday and ultimately settle down to make modest gains. Last week, Levi Strauss started trading on the New York Stock Exchange.
 
"The public markets have certainly been hot this year, for sure," said Krim. "When I think about it for Casper, we are building a generational brand in business, and so we look at public markets as something that could be down the road for us. But right now we are focused on building the business, taking some great products to market."
 
Launched in 2014, Casper has recently expanded into brick-and-mortar retail, and making a transition to permanent stores from temporary ones. Initially, the company became famous selling just one type of memory-foam mattress, and now it sells three different types.
 
The decision of the company to change its business strategy and move into the physical stores format was because of demand from customers, who demanded that they be given a chance to lie down on the mattresses and talk to someone.
 
"When we started almost no one was really buying a mattress online. Today maybe one out of nine are buying online," he said. "So far, customers have flocked to it, so the stores are doing really well."
 
(Source:www.cnbc.com)