ey'd usually be ringing on your doorbell. Now HelloFresh is sounding its debut on the trading floor. The meal kit delivery company making a successful arrival in the Frankfurt Stock Exchange on Thursday. Gaining 4% on its first day of trading as it sold 31 million new shares.
That, as Reuters Douglas Busvine tells us, values the German company at around 1.7 billion euros, more than double its US rival.>> HelloFresh launched in Germany five years ago, but the market it's competing in is the United States where millennials are embracing a home dining revolution. There HelloFresh is gaining market share against a competitor called Blue Apron.
>> The idea is to make home cooking easier by delivering prepackaged ingredients. HelloFresh has ceased hearty chunks of market share from Blue Apron, which has suffered a 50% drop since its own IPO in June. In a bid to win over the growing meal kit customer base, marketing has been a major ingredient, and cost for both companies.
HelloFresh devoted more than a quarter of expenses to it.