Blue Apron's IPO pricing = $3.4B market cap at IPO

So apparently Blue Apron is going to price its IPO share price at $15~$17, according to Venture Beat.

Blue Apron updated its prospectus to price its IPO between $15 and $17 a share, which would translate to proceeds as high as $510 million.
— Venture Beat

According to its S1 Form, it will have a capital stock of about 152M shares outstanding in Class B (and a bit in Class C) assuming all outstanding Preferred Shares convert. The IPO plans to issue 50M new shares. Assuming they successfully IPO at $17, the market cap will be:

  • (152M + 50M) X $17 = $3.4B

, which is higher than its last private valuation of $2B. This is of course disregarding the fact that Class B shares have 10X voting rights. 


Anchoring – how a private round pricing affects the next round

Raising a 1st-time fund a 10X more difficult than raising a startup round