(Bloomberg) -- Online mattress seller Casper Sleep Inc. slashed the target price for its initial public offering,
Casper is now aiming to sell shares for $12 to $13 each to raise just $108.55 million at the top of the new range, according to a filing Wednesday. That's down from the original range of $17 to $19 apiece and would value Casper at less than half of the $1.1 billion valuation it touched in its last private funding round.
The offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and Jefferies Financial Group Inc. The company's shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol CSPR.
--With assistance from Scott Deveau.
To contact the reporter on this story: Liana Baker in New York at lbaker75@bloomberg.net
To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Michael Hytha
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