Blue Apron said on Monday it expected its initial public offering to be priced at $15 to $17 per share, giving the biggest U.S. meal kit delivery company a valuation as high as $3.18 billion.
New York-based Blue Apron, named after the uniform that apprentice chefs wear in France, delivers pre-packaged ingredients and recipes to subscribers’ doorsteps for them to prepare meals at home.
The company’s offering of 30 million Class A shares could raise as much as $510 million, Blue Apron’s filing with the U.S. Securities and Exchange Commission showed.
Blue Apron, founded in 2012, posted a net loss of $54.9 million last year, but revenue more than doubled to $795.4 million. The company has delivered over 159 million meals across the United States since its inception.
Reuters reported in March that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, has hired banks for an IPO that could come in the second half of the year.
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Other meal-kit services include Plated in the United States, HelloFresh in Europe, and Chefs Plate in Canada.
Bessemer Venture Partners, Stripes Group, and Fidelity are among Blue Apron’s investors.
Goldman Sachs, Morgan Stanley, Citigroup, and Barclays are among the underwriters to its IPO.