Casper Sleep Inc., set to trade under the ticker symbol CSPR, priced its IPO at $12 a share Wednesday evening, at the low end of its already lowered forecast range, according to multiple reports.
The mattress maker is offering 8.4 million shares as one of the first companies to test market acceptance after a downbeat year last year for companies trying to go public.
Casper set the lowered price range of $12 to $13 this week in an SEC filing. That was down from a range of $17 to $19 it had hoped for earlier.
Companies face a skeptical public in the wake of last year’s botched WeWork IPO and disappointing performance from Uber (UBER) - Get Report and Lyft (LYFT) - Get Report which continue to trade below their offering prices.
Casper's lowered IPO price shows the difficulty the company has had finding willing investors, The Wall Street Journal reported.
The company said in its prospectus that its products “encompass traditional sleep categories for consumers, such as mattresses, soft goods, and bedroom furniture, and are increasingly focused on non-traditional categories, including products that promote the ideal ambience for sleep, such as lighting, sound, scents, temperature, and humidity.”