Blue Apron is a company that sells meal prep kits delivered to your door. Rather than shopping for food and then deciding what recipe you can make with what you’ve got on hand, Blue Apron and other meal prep services will sell you a recipe and the ingredients for it. The company describes its service like this:
Blue Apron is a fresh ingredient and recipe delivery service that helps chefs of all levels cook incredible meals at home. We take care of the menu planning and shopping (providing you with fresh, locally sourced ingredients in pre-measured quantities), so all you have to do is cook and enjoy (please note: our blog is full of helpful tips that will help you cook with speed and ease).
Now Blue Apron is going public on the NYSE. The Wall Street Journal reports that the company wants to use its IPO to pay down debt.
Blue Apron Holdings Inc., a startup that offers cook-at-home preparation kits, expects shares to price between $15 and $17 in its initial public offering.
The New York company, which was valued at roughly $2 billion as of 2015 in a $135 million private-capital round, said in a Securities and Exchange Commission filing Monday that it will sell some 30 million shares at that price range. If underwriters exercise options to buy 4.5 million additional shares, the IPO could generate as much as $586.5 million.
The company said it would use some of the proceeds to pay down about $125 million in debt. The balance would be used “for working capital, capital expenditures, and general corporate purposes,” the company said.
Read more here.