Can you get night sweats in the daytime?... Casper shares jumped 13% on 2020's biggest IPO yet. The pioneer of Direct-to-Consumer mattresses wants to make the "sleep economy" a thing (like fetch) — yesterday's IPO had more nightmarish vibes. A month ago, Casper was worth $1.1B. Today, it's worth $500M. These 5 numbers from its IPO paperwork caused that:
You've heard of "private" and "public" markets... But there's actually a subtle 3rd market that touches companies in the short window before their IPO — We're calling it the "Pre-Public Market," and it's what messed with Casper.
This just shocked the entire Direct-to-Consumer startup industry... Warby Parker glasses. Allbirds shoes. Away suitcases. Glossier cosmetics. Rent The Runway clothing. These DTC unicorns have been itching to IPO themselves — and they're all valued around $1B. Casper's sad debut could mess with their next private fundraise or maybe even make them rethink IPOs (like trying to get acquired instead).