Meal kit delivery service Blue Apron is exploring a possible initial public offering, according to a report from Bloomberg on Monday.
Blue Apron, a service that sends subscribers a box of ingredients each week to cook at home, has held preliminary talks with investment banks about raising additional capital including the possibility of raising funding through an IPO in the next year. The company would be valued around $3 billion in an offering, Bloomberg said.
Fortune contacted Blue Apron, who did not immediately respond.
Blue Apron was one of the firs startups to capitalize on the meal kit delivery craze, which includes competitors like Plated, Chef’d, Home Chef, Munchery, HelloFresh, and Amazon. Even The New York Times, in partnership with Chef’d, is launching its own branded meal kit service.
Blue Apron costs $9.99 per person, per meal or $59.94 weekly. It has become a leader in the space by shipping 8 million meals monthly.
Since its founding in 2012, Blue Apron has raised just under $200 million in funding. It was valued at $2 billion in its most recent investment round in last year.
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If Blue Apron were to file for an IPO, it would be one of the handful of startups to do so in 2016. Increasingly, technology’s hot startups have been staying private amid a tough environment for new technology companies. One of the few exceptions is telecommunications startup Twilio, which publicly filed for an IPO last week. Meanwhile, Optical networking startup Acacia Communication filed to go public in early May.
In April, Dell’s cybersecurity business unit SecureWorks went public and the company’s shares are currently down 3% from its IPO price.
