Shares of stock in the meal delivery service Blue Apron began trading publicly on Thursday morning, opening at $10 before rising above $10.50.
The company said its stock will be listed on the New York Stock Exchange under the symbol "APRN".
But it lowered that range to between $10 and $11 per share on Wednesday. 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.
And as Blue Apron scales, it may be easier for them to tailor their business, making meal selections more customizable.
For a trendy startup, an initial public offering is supposed to be a neat, pre-packaged experience: by following a simple set of instructions, you end up with a handsome product that looks like something cooked up by a professional.
Wall Street was not hungry for Blue Apron.
On Wednesday, Blue Apron sold 30 million shares for $10 each, raising less than two-thirds of the $510 million it had initially targeted.
While Blue Apron saw a 133 percent increase in net revenue to $795 million previous year, marketing expenses increased 180 percent to $144 million, according to its deal filing. The company had previously filed to offer 30 million shares at a range of $15 to $17.
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.
In contrast, the Whole Foods purchase gives Amazon a ready-made distribution network to expand their small meal-kit business, which now delivers ingredients and recipes to customers in a handful of cities. Those customers have been ordering fewer, cheaper meal kits.
With its reduced IPO, Blue Apron no longer intends to pay down existing debt with the proceeds, according to its deal filing. It had 1,051 full-time employees in 2014 and now has 5,202 as of March 2017.
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