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Casper prices its IPO at $12 a share, giving it a valuation of $490 million, confirming that it’s no longer a unicorn

Casper CEO Philip Krim speaks at the Wall Street Journal Digital conference in Laguna Beach, California, U.S., October 17, 2017.Mike Blake/Reuters

Casper on Wednesday priced its IPO at $12 a share.
That’s at the low end of the range it had already lowered earlier in the day.
The price gives the company a market capitalization of around $490 million, or less than half the valuation venture investors gave it in its last private funding round a year ago. 
The company is only the latest unicorn, or startup valued at $1 billion or more, to wither in the public market spotlight.
Visit Business Insider’s homepage for more stories.

Investors, it seems, weren’t super-thrilled about Casper.

The online mattress vendor on Wednesday priced its initial public offering at $12 a share, a source familiar with the deal told Business Insider. That was at the bottom of the pricing range it had already lowered earlier in the day. CNBC previously reported the pricing news.See the rest of the story at Business Insider

NOW WATCH: Starbucks is giving away free drinks for the rest of 2019. It’s one of the 5 sneaky tactics the coffee chain uses to get you to spend more money.

See Also:

Buzzy mattress maker Casper is pitching itself as a tech company, just like WeWork did. Here why business experts are dubious.One of Silicon Valley’s biggest investors just laid out a how-to guide for startups hoping to get funding in 2020. Here are 4 main takeaways from Silicon Valley Bank’s report.SoftBank-backed startups are bleeding, as investors tighten up scrutiny over loss-making business models. Here’s a running list of all the Japanese giant’s major investments in tech.

SEE ALSO: Casper’s money-losing mattress business will face a tough IPO path, and some observers think the IPO might even get scrapped

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