Blue Apron looks to raise $500M with $15-$17 IPO

bol “APRN,” are directly sold by Blue Apron, according to its Securities and Exchange Commission filing dated Monday.

On June 2, Blue Apron said it sought to raise $100 million.

The food business has changed dramatically since Blue Apron first filed plans for an IPO. Its share pricing comes three days after Amazon announced a blockbuster deal to buy Whole Foods Market for $13.7 billion. While Blue Apron focuses on the recipeand-delivery business, the Amazon-Whole Foods union will likely unleash a series of changes that could affect a wide swath of food suppliers and retailers. Whole Foods already sells ready-to-cook meal kits. And Amazon is nearly peerless in delivery and pickup logistics and cutting prices.

Founded in 2012, New York City-based Blue Apron delivers seasonal ingredients and continually changing original recipes that customers use to cook meals at home. The company offers two delivery options, a two-person meal plan and a family plan, starting at $8.99 per serving. The small meal-kit box, containing fixings for three meals for two people, costs $59.94.

From Blue Apron’s start through March 31, the company has delivered more than 159 million meals to U.S. households, representing roughly 25 million paid orders, the company said.

Its revenue has been growing, up from $77.8 million in 2014 to $795.4 million last year. But losses are also mounting. Blue Apron posted a $30.8 million net loss in 2014 and a $54.9 million loss last year. “We have a history of losses, and we may be unable to achieve or sustain profitability,” the filing cautioned.