US-based meal kit company, Blue Apron, celebrated its IPO on 29 June with more than the usual fanfare, hiring caterers to pass out bite-size chicken burgers and hosting a cooking competition outside the New York Stock Exchange.
But just over one week later, the company’s stock was trading 24 per cent down from its debut price of US$10, at about US$7.60 a share. Investors in Blue Apron, which listed with a market cap of US$1.9 billion, well below its initial target of US$3 billion, have revealed a wariness about the challenges that lie ahead.
