Blue Apron (APRN) IPO Opens Flat
Today's IPO for Blue Apron Holdings Inc. (NYSE: APRN) opened for trading at $10 after pricing 30,000,000 shares of its Class A common stock at a public offering price of $10.00 per share, before underwriting discounts. This is at the low end of the expected $10-$11 range, which was recently revised down from $15-$17.
The offering is expected to close on July 5, 2017, subject to customary closing conditions. In addition, Blue Apron has granted the underwriters a 30-day option to purchase up to an additional 4,500,000 shares of its Class A common stock at the initial public offering price, less the underwriting discount.
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Barclays Capital Inc. are acting as joint lead book-running managers.
Blue Apron’s mission is to make incredible home cooking accessible to everyone. Launched in 2012, Blue Apron is reimagining the way that food is produced, distributed, and consumed, and as a result, building a better food system that benefits consumers, food producers, and the planet. The company has developed an integrated ecosystem that enables the company to work in a direct, coordinated manner with farmers and artisans to deliver high-quality products to customers nationwide at compelling values. Blue Apron’s current products include Blue Apron Meals, Blue Apron Wine, the Blue Apron Market, and BN Ranch, a premium supplier of grass-fed beef and pasture-raised poultry.