Blue Apron sets IPO target at $586.5 million
Blue Apron, a meal delivery service, has its sights set high for its coming stock market debut.
The company disclosed Monday that it was aiming to raise as much as $586.5 million in its initial public offering, as it joins a growing number of consumer-focused startups that have their eyes on the public markets.
In an amended prospectus, Blue Apron said that it was planning on pricing its shares between $15 and $17. At the midpoint of that range, the company would be valued at roughly $3 billion, and at the high end, it would be valued around $3.2 billion.
The company plans to sell at least 30 million shares in its IPO, though underwriters can sell an additional 4.5 million shares if demand proves strong enough.
Monday’s filing was published as the retail industry — and particularly the grocery sector — is in tumult. On Friday, Amazon announced a $13.4 billion deal to buy Whole Foods, a planned takeover that could upset the entire food landscape.
Shares in other grocery chains plunged after the news was announced, and analysts speculated about what that union, if it is finalized, would mean for food delivery startups like Instacart.
Other big retailers have bought or invested in internet startups to bolster their own e-commerce knowhow. Walmart purchased Bonobos, a men’s clothing company, for $310 million, while Target led a $170 million investment into Casper, a maker of mattresses and other sleep products.