The app that delivers meal ingredients, Blue Apron, filed to go public this month has priced its IPO. The shares of the company will lie between $15-$17 hoping to raise a maximum of $586,500,000. With a $16 midpoint, this pricing gives the company a proposed valuation of just under $3 billion. The company is listed on the NYSE under “APRN”. The company will be public on June 28th. The newly created Class A common stock are the 30 million shares issued during the offering. One vote per share will be the rule.
Blue Apron is a New York-based startup that delivers fresh ingredients for a delicious home-cooked meal on a weekly basis. The iOS app has been on the market for about a year now and it did pretty well. Whether they’re a Blue Apron member or not, users have the ability to browse through Blue Apron’s seasonal recipes with integrated how-to videos, cooking tips, and information about their specialty ingredients. There’s also a save feature for users to save their favorite recipes, they can also share them with friends and family via Facebook, Twitter, Pinterest, and Email.
After a user has cooked the meal they can snap a photo of their finished product and add special effects like cartoons stickers and other exciting filters, all which are designed to enhance lighting for food photographers.Users can provide feedback on which recipes they like or dislike and also rate all recipes on Blue Apron. The company also sells some other exciting out of the book ingredients for a tasty meal.
Blue Apron notes that they plan to use a portion of the proceeds from the offering to repay outstanding debts of about $125M, with the rest being used as working capital for the company. Most of the funds will be used for advertising the company in a way that’s familiar to the people and regenerate the interest in the app. The company spent about $61 million on marketing till date. The company has spent and is willing to spend a lot on marketing by the looks of it. Blue Aprons IPO still has a lot of craze, it’s the biggest consumer tech IPO since snap. Even though after Amazon’s recent acquisition of Whole Foods may influence anyone thinking of investing in the meal service field it doesn’t seem to affect the craze around the company’s IPO. Enterprise tech companies have continued to go public over the past few months, but consumer companies have held off. The food gates will remain open for the consumer offerings and hopefully, this will give a raise to the companies that are on the way to become public.
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