Blue Apron is inching ever closer to its impending initial public offering. According to an updated regulatory filing, the meal kit giant is looking to raise up to $586.5 million in its upcoming IPO.
The regulatory filing was submitted on Monday, and outlined that the company will trade under the ticker symbol APRN on the New York Stock Exchange.
The company made public preparations for an IPO earlier this year, before announcing its plans to go public earlier this month. Blue Apron stated it plans to sell 30 million shares to investors at an estimated IPO price ranging from $15 to $17 per share, according to the New York Times.
Blue Apron ships ingredients and recipes for meals to its subscribers. The company has seen continued success in subsequent years. According to the source, approximately 1 million customers paid for Blue Apron kits in the first quarter of this year.
Meal kit companies have grown increasingly competitive over the past few years, and the upward climb for market share has been a steep one. One of Blue Aprons competitors, organic meal kit company Sun Basket, has reportedly hired investment bankers for its own IPO which may come as early as the second half of 2017.
Retailers have entered into the meal kit foray themselves with their versions as the sector continues to grow, including Whole Foods, Kroger, and media company VICE.
What’s next for Blue Apron and buy-side meal kits? Deli Market News will keep you apprised.