This stock is trading nearly 70% below its initial offer price, making it the worst-performing major IPO so far this year.
Is it Snapchat? No. It’s Blue Apron (NYSE: APRN).
As I write this, APRN sits at $3.10 a share, making it worth less than a third of its $10 offer price. That’s a 69% decline, which means the meal kit company’s valuation is down to about $600 million from $1.89 billion at its IPO.
The image above ranks the greatest decline in stock price from IPO through November 10, and only includes those companies that had a market value greater than $500 million at the time of the deal. As each of these companies went public on a different date, the price three months after each IPO was compared.
For APRN, its price was down 45.5% from its IPO at the three month mark, making it the biggest decline of any major IPO.
The troubles for Blue Apron have been numerous and have ranged from warehousing issues, to customer satisfaction and retention, to advertising issues, and massive employee layoffs.
Not only that, but the competition has been fierce for the company. Competitor HelloFresh, a meal kit startup backed by Rocket Internet SE, is set to overtake Blue Apron’s revenue in the near term, and just yesterday, Amazon announced that it had teamed up with Allrecipes.com to launch its own competing meal prep delivery service.
APRN may still yet gain ground to beat the competition, but the outlook doesn’t look good.