Blue Apron Holdings has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company intends to price its 30 million shares in the range of $15 to $17, with an overallotment option for an additional 4.5 million shares. At the maximum price, the offering is valued up to $586.5 million. The company intends to list its shares on the New York Stock Exchange under the symbol APRN.
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.
This company was founded in 2012, premised on a simple desire: its founders wanted to cook at home with their families, but they found grocery shopping and menu planning burdensome, time-consuming and expensive.
Since its inception, Blue Apron has scaled rapidly, developing its expertise and an ever-more ambitious vision. From inception through March 31, 2017, the company has delivered over 159 million meals to households across the United States, which represents about 25 million paid orders.
Its customers often cook using Blue Apron’s products multiple times each week. The company sells to customers in 48 states, spanning most demographics.
In the filing, the company detailed its financial results as follows:
In 2014, 2015, and 2016, we generated $77.8 million, $340.8 million, and $795.4 million in net revenue, respectively, representing growth of 338% from 2014 to 2015 and growth of 133% from 2015 to 2016. In the three months ended March 31, 2016 and March 31, 2017, we generated $172.1 million and $244.8 million in net revenue, respectively, representing growth of 42%. In the years ended December 31, 2014, 2015, and 2016, we incurred net losses of $(30.8) million, $(47.0) million, and $(54.9) million, respectively, and in the three months ended March 31, 2016 and March 31, 2017, we generated net income of $3.0 million and incurred net losses of $(52.2) million, respectively.
Blue Apron intends to use the net proceeds from this offering to repay indebtedness, with the remainder going toward working capital and general corporate purposes.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
