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New York • Blue Apron, the meal-kit delivery company, is slashing the price it expects to sell its shares by as much as 40 percent, a sign that the company may be having trouble attracting investors.
The price chop Wednesday comes as competition to deliver groceries heats up. E-commerce giant Amazon.com Inc. is expected to shakeup the industry after announcing plans to buy organic grocer Whole Foods earlier this month.
Blue Apron now expects its initial public offering to be between $10 and $11 per share, down from its forecast a week ago between $15 and $17.
The New York company and its many competitors, including HelloFresh and Plated, ship boxes to customer's doorsteps with all the raw ingredients needed to make home-cooked meals. Blue Apron says it has 1 million customers.