Blue Apron Goes Public Raising $300 Million
Blue Apron Holdings, Inc. (NYSE: APRN), today announced the pricing of its initial public offering of 30,000,000 shares of its Class A common stock at a public offering price of $10 per share before underwriting discounts. This is at the low end of the expected $10 to $11 range, which was recently revised down from $15 to $17.
Blue Apron is a leading grocery delivery service company that delivers a recipe and the required ingredients to customers’ doorsteps. The company’s mission is to provide a chef-like experience in which their customers will discover new recipes, eat fresher food, and save both time and money.
According to a report in Fortune, Blue Apron lowered its IPO price range due to weaker-than-expected demand from investors. Instead of aiming for its initial goal of $480 million, the company now expects to raise about $315 million. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets, Inc., and Barclays Capital Inc. are acting as joint lead book-running managers.