On the eve of its initial public offering, Blue Apron has resorted to offering a discount — for its own shares.
The meal delivery service disclosed on Wednesday that it had cut the price range for its market debut by about 34 percent, now seeking to price its shares at between $10 and $11 each.
Just last week, Blue Apron had sought to price its stock at between $15 and $17 each, meaning that it could have raised as much as $586.5 million. Now, the most the company can raise is about $379.5 million.
And at the midpoint of the reduced price range, the service will be valued at just under $2 billion, roughly the level of its last private fund-raising round.
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