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Blue Apron slashes IPO price
30 June 2017, 12:46 | Dawn Berry
Blue Apron slashes IPO Price 34% as Amazon-Whole Foods looms
But most average investors won't get a piece of the action until Blue Apron stock begins trading on the New York Stock Exchange, expected to happen Thursday, under ticker symbol "APRN".
Blue Apron said that it now expects its IPO to be between $10 and $11 per share, down from its forecast a week ago between $15 and $17.
The underwriters for the offering are Goldman Sachs, Morgan Stanley, Citigroup, Barclays, RBC Capital Markets, SunTrust Robinson Humphrey, Stifel, Canaccord Genuity, Needham, Oppenheimer, Raymond James and William Blair.
Amazon, which said earlier this month it would buyWhole Foods Market Inc in a $13.7 billion deal, has dallied with both food delivery, through AmazonFresh, and meal kits, which deliver fresh ingredients and recipes to subscribers.
Smith said the lowered valuation was likely a "smart move" and that the company may be able to reach its $2 billion or even $3 billion valuation later on, particularly as Renaissance estimates that the company has a 50% market share in the meal-kit space. About 1 million customers use the product, according to the prospectus.
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CEOMatthew 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. At the midpoint, Blue Apron Holdings will raise -34% less in proceeds than previously anticipated. Instead, the funds will all go toward working capital, capital expenditures and general corporate purposes.
In a tweet Thursday morning, Salzberg wrote he was "beyond proud to celebrate this exciting moment for our company with our incredible Blue Apron team".
Still, Blue Apron had over a million paying customers ordering almost $800 million in revenues in 2016.
At the end of the first quarter, Blue Apron had 1 million customers who made 4.1 orders each - compared with 649,000 customers making 4.5 orders apiece a year earlier.
The company has warned that it may never turn a profit. The company reported revenue of $795.4 million in 2016, up from $340 million in 2015 and $77.8 million in 2014.
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