Casper priced its initial public stock offering Wednesday evening at a lower level than the company had initially hoped.
"The days of growth at any cost are over," said Santosh Rao, who researches IPOs for Manhattan Venture Research. "You either have to be profitable, or take a haircut."A view of the Casper mattresses during Casper's LA celebration at Blind Dragon on July 9, 2015 in West Hollywood, California.Mattress firm Casper priced its initial public stock offering at $12 a share on Wednesday evening, a significant haircut to its prior price talk.
The firm announced it had cut the expected price range Wednesday morning from $17 to 19 a share to $12 to $13 a share in an offering of 8.4 million shares.On one level, Casper represents a push-back against companies that are losing money and do not have any imminent path to profitability. "This is reflecting the attitude toward money-losing companies, not specifically to IPOs," Jay Ritter, a professor from the University of Florida and an IPO expert, said on CNBC.
Santosh Rao, who researches IPOs for Manhattan Venture Research, agrees. "The days of growth at any cost are over. You either have to be profitable, or take a haircut," he told me.On another level, there is the challenge of selling in the direct-to-consumer space. "These companies are spending a lot of money to get market share," Kathleen Smith from Renaissance Capital said.
Then explain $tsla . Never made a GAAP profit.
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