>> Blue Apron has filed for an initial public offering on the New York Stock Exchange. According to the filing, the IPO's valued at up to $100 million for now, and Blue Apron wants to use the proceeds to pay off its debts. It has put a request for the ticker APRN.
Founded in 2012, Blue Apron quickly became the biggest US meal kit company. It delivers ingredients and recipes so customers can cook meals at home. But the company lost $55 million last year despite its revenue more than doubling to almost $800 million. Lauren Hirsch covers the story for Reuters.
>> Not only are they kind of unprofitable. But they're coming up across increasing competition, and it's very easy to decide you wanna use Blue Apron and the next week switch to another service. So how do you both kind of maintain the sky-rocketing revenue growth with so much competition and also work to kind of achieve profitability?
That will be the biggest task for them.>> Blue Apron's competitor, Sun Basket, is also gearing up for an IPO that could come in the second half of the year.