Blue Apron plans to raise up to $587 million as it goes public (APRN)

blue apron

Blue Apron plans to raise up to $586.5 million in its initial public offering, according to a regulatory filing on Monday.

The meal-delivery service said it would sell 30 million shares to investors at an estimated IPO price of between $15 and $17 per share. Up to 34.5 million extra shares could be sold if demand is more than expected, the updated S-1 filing showed. 

Blue Apron, which ships its subscribers boxes of measured ingredients and recipes, will trade on the New York Stock Exchange using the ticker symbol APRN. 

The company first filed to go public on June 1. A look at its financials showed that its losses deepened every year from 2014 through 2016.

The losses can be mostly attributed to Blue Apron’s spending on marketing, including on major podcasts; in 2016, the company dropped $144.1 million, or 18.1% of its revenue, to spread word about itself. 

Revenues have been rising at a much faster rate, and totaled $796 million in 2016.

Some 1 million customers paid for Blue Apron orders in the first quarter this year. That was up from 649,000 customers in the same period last year. 

SEE ALSO: What it’s like to use Blue Apron, the amazing meal-delivery startup that’s about to go public

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