Blue Apron Cuts Price of Its Forthcoming I.P.O.
By MICHAEL J. de la MERCEDJUNE 28, 2017
On the eve of its initial public offering, Blue Apron has resorted to offering a discount — for its own shares.
The company is expected to price its stock offering later on Wednesday
and begin trading on the New York Stock Exchange on Thursday, under the ticker symbol APRN.
The newly re-priced offering may reflect investor wariness over the company, which was one of
the first prominent purveyors of fresh ingredients for customers to prepare meals at home.
And then there is the specter of intensified competition from a deep-pocketed competitor: Amazon, which agreed this
month to buy Whole Foods Market for $13.4 billion in a deal that promises to reshape the grocery industry.
The meal delivery service disclosed on Wednesday that it had cut the price range for its market
debut by about 34 percent, now seeking to price its shares at between $10 and $11 each.