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Meal-kit maker Blue Apron cuts expected IPO price range

Meal-kit maker Blue Apron cuts expected IPO price range

Blue Apron cut the estimated price of shares to a range of $10 to $11, down from $15 to $17, lowering its fully diluted market value to $2 billion from $3 billion.

On Wednesday, Blue Apron lowered what it expected its shares to sell for, a sign that the company had trouble attracting investors for its IPO.

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.

The impact that the Amazon-Whole Foods deal had on Blue Apron's IPO is underscored by the pricing of another expected IPO from DeliveryHero, which is focused on Europe and other markets beyond North America.

Among Blue Apron's rivals are HelloFresh and Plated, which ship boxes to customer's doorsteps with all the raw ingredients needed to make home-cooked meals. Blue Apron's management tweaked its deal pitch to distinguish it from a grocery delivery service, a person familiar with the matter said last week. The company intends to list its shares on the New York Stock Exchange under the symbol APRN.

Blockading countries send list of 13 demands to Qatar
In Egypt , it was seen as sympathetic to the Muslim Brotherhood-backed president Mohammed Morsi, who came to power in 2012. Qatar has said it will not negotiate until Arab nations lift their blockade against their neighbor.

Murray says need to learn from US Open defeat to Nishikori
Nishikori, the Japan number one, did break back but the three-time major champion prevailed 7-0 in the tiebreak. Kei missed a second-serve return, and then I think a good serve on the next point.

Trump disputes Russian interference in 2016 election
The Senate committee was hearing from officials at the Homeland Security Department and the FBI's counterintelligence division . Johnson said he was disappointed the DNC would not accept Homeland Security's help in finding its cyber-vulnerabilities.

Blue Apron's sales hit almost $800 million in 2016, more than doubling from the year before, according to its IPO paperwork.

As such, Blue Apron may become an acquisition target of a large retailer like Walmart that wants a quick way to compete against Amazon in the space.

But, like most venture-backed companies at the time of their IPO, there are also losses. Having raised less money, the company said in a filing it no longer intends to pay down debt with the proceeds. Instead, the funds will all go toward working capital, capital expenditures and general corporate purposes. Salzberg noted the company had recently begun selling wine and cooking supplies to supplement its core meal-kit business and saw additional "opportunities with different dietary preferences, different price points for customers, different cadences, different cooking occasions". The company said it had more than 1 million customers at the end of March.

Blue Apron revenue rose by a blistering 133% to $795.4 million in 2016 from the previous year.

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