Blue Apron IPO: The Meal Kit Company Is the First to Go Public | Eater

"I've watched the meal-kit pioneer move from rapid growth to serious trouble: after a sales slump and the loss of more than 250,000 subscribers since last year, Blue Apron's stock has plunged roughly 75%. Facing that downturn and pressure from competitors, the company is rethinking its subscription-only model and — according to the Wall Street Journal — plans to put both full multi-meal kits and a la carte cooking kits on store shelves by the end of the year. Blue Apron's public-market story has been rocky: its IPO debuted far below expectations (initial pricing cut into the $10–$11 range, closing its first day at about $10.0018), and it has been hit with multiple investor lawsuits alleging the company failed to disclose cuts to its advertising budget, delivery and missing-ingredient problems, and factory issues that delayed orders. Financially, the company reported large net losses from 2014–2016 even as revenues grew roughly tenfold over that period and it spent heavily on marketing; it has also acquired a supplier (BN Ranch) and signaled product changes to give subscribers more flexibility in recipes per order." - Eater Staff