Mattress company Casper has brought on bankers from Morgan Stanley and Goldman Sachs to work with the company in preparation for an initial public offering that could take place before the end of the year, Bloomberg reports.
Casper’s move to go public isn’t surprising. Reuters reported in March the company was looking to hire underwriters in preparation for a forthcoming IPO. That news came days before Casper announced a new round of private financing that valued the company at $1.1 billion.
Like many tech-enabled companies headed for the public markets, Casper isn’t profitable. In March, The Information reported the New York-based startup had losses reaching $64 million in 2018. The company reportedly plans to use the money from an IPO to open more physical stores. The startup, which has described its ambitions as becoming the “Nike of sleep,” already has several retail locations including a store where customers can pay $45 to take a nap.