30 June, 2017
The company said its stock will be listed on the New York Stock Exchange under the symbol "APRN".
The offering is expected to be priced on Wednesday and the stock is scheduled to debut on Thursday on the NYSE.
The flat performance came after Blue Apron slashed the price of its initial public offering - a rare move for a consumer tech company. And Amazon already sells meal kits in some cities with recipes created by media mogul and TV cook Martha Stewart. And their concerns about the votes may be at least one factor weighing down Blue Apron's IPO. The company had meant to price its 30 million shares between $15 and $17, but on Wednesday morning announced it would instead target a range of $10 to $11.
Blue Apron could end up raising more money, as the company granted its IPO underwriters a 30-day option to purchase up to 4.5 million more shares.
Kang also said the founder and chief executive of the company, Matthew Salzberg, has been selling his shares since 2014 even as his sale prices have been declining.
Meal-kit delivery company Blue Apron Holdings Inc. went public Thursday and raised $300 million, below the original target of $510 million.
Texas' new immigration law goes to court — Focus at Four
Paxton said in court filings that the law doesn't require police officers to initiate immigration interrogations or arrests. The Republican-backed law in Texas, the US state with the longest border with Mexico, takes effect on September 1.
CEO Matthew B. Salzberg was on CNBC just before the start of trading, telling host Carl Quintanilla and correspondent David Faber that Blue Apron is not scared of Amazon.Said Salzberg, anything Amazon can do to bring e-commerce habits to retail grocery is good for his company.
Blue Apron, which was founded five years ago, has never made a profit.
And the company faced scrutiny past year after a report of violence and intense working conditions at its Richmond warehouse.
In 2014, 2015, and 2016, we generated $77.8 million, $340.8 million, and $795.4 million in net revenue, respectively, representing growth of 338% from 2014 to 2015 and growth of 133% from 2015 to 2016. It spent almost 70 percent of last year's revenue on food, shipping and other expenses related to running the company, according to government filings.
Blue Apron's business is cost-intensive: It first sources ingredients, chops and packages them in fulfillment centers, before sending them for home delivery.