Blue Apron’s Market Cap Cut By Two-Thirds

In Wall Street parlance, a busted initial public offering (IPO) is one that trades below the initial price afforded right out of the gate, on its first day of trading.

And so, Blue Apron has the IPO blues, to the tune of 70 percent. Almost that level, anyway – that’s how much the company’s common stock is trading below its offer price. The most recent quote of $3.17, as noted Monday (Nov. 13) by Recode, means that the company’s shares are a fraction of what they were at first blush. In fact, according to data culled by the site through FactSet, Blue Apron is the worst performer among IPOs so far this year. In terms of market cap, the latest tally was $600 million, off from $1.89 billion.

The FactSet data compared IPOs three months after the start of trading, offering some benchmark among companies that came to market this year. Blue Apron was off 45 percent, leading the pack of declining issues, with another notable slider among the top 10, which would be Snap, down 25 percent below its IPO.

In a spate of recent news, the company announced late last month that it cut its workforce by 6 percent, maintaining that staff reduction will help with corporate decision making. In August, Blue Apron laid off several members of its recruiting staff. Lawsuits have contended that the company did not disclose delays to factory openings and that the company had other operational issues related to delivering meals in a timely manner.