NEW YORK, NY - According to an updated regulatory filing submitted on Monday from meal kit purveyor, Blue Apron, the company has plans to raise up to $586.5 million in its initial public offering.
After public preparations for the move, the company, which announced plans to go public earlier this month, is saying that it will sell 30 million shares to investors at an estimated IPO price ranging from $15 and $17 per share, according to the New York Times. The company will trade under the ticker symbol APRN on the New York Stock Exchange.
Blue Apron ships ingredients and recipes for meals to its subscribers. The company has seen continued success in subsequent years. According to the source, approximately 1 million customers paid for Blue Apron kits in the first quarter of this year.
Meal kit companies have grown increasingly competitive over the past few years, and the upward climb for market share has been a steep one. One of Blue Aprons competitors, organic meal kit company Sun Basket, has reportedly hired investment bankers for its own IPO which may come as early as the second half of 2017.
How will evolving food formats continue to change the industry? AndNowUKnow will keep you informed.
