The offering values the New York-based company at $1.89 billion, slightly lower than the $2 billion valuation it reached with a $135 million funding in 2015 and a sharp decline from previous estimates: Based on its initial price range, Blue Apron expected to be valued at more than $3 billion. A number of concerns among institutional investors reportedly led to the low valuation, including looming competition from Amazon after its acquisition of Whole Foods and the possibly unsustainable size of Blue Apron's marketing budget.
Even with the lower-than-expected valuation, there will be some VC winners. Bessemer Venture Partners—where Blue Apron co-founder and CEO Matt Salzberg was previously an investor—has backed the startup across all funding stages and holds a 22.8% stake, making it the company's largest institutional investor. BVP could be looking at an estimated 15.4x return on its investment with the offering.
Check out the datagraphic below for the key facts and figures regarding Blue Apron's IPO: