Blue Apron will offer 30 million shares at a range of $15 to $17 apiece in its upcoming public offering. The meal-kit delivery company is set to go public on the NYSE under the ticker symbol APRN, with an expected IPO date of June 28. A midpoint pricing would raise $480 million and give Blue Apron a market value of roughly $3 billion. The startup was most recently valued at $2 billion in June 2015 with a $135 million funding.

Blue Apron
By Louise.ward (Own work) [CC BY-SA 4.0], via Wikimedia Commons
Founded in New York in 2012, Blue Apron is a pioneer in the meal delivery market. The startup sends pre-measured ingredients to customers on a subscription basis, a business model that’s helped revenue grow from $77.8 million in 2014 to $795.4 million last year. Co-founder and CEO Matthew Salzberg owns a 30.2% pre-IPO stake in the company along with Bessemer Venture Partners (23.1%) and First Round Capital (10.2%), among other investors.

In case you missed it, we took a deep dive into Blue Apron’s original IPO filing.

Article by PitchBook