Blue Apron’s stock price is trading at nearly 70 percent below its offer price, making it the worst-performing major IPO so far this year.
Is Blue Apron A Broken IPO? Probably :(
At $3.17 per share at its latest close, Blue Apron is currently worth less than a third of its $10 offer price.
That’s a 68 percent decline, which means its valuation is down from $1.89 billion at its IPO to about $600 million.
For this analysis, we looked at FactSet data on companies that went public in 2017 with a market cap at the time of the deal of over $500 million.
Since all these companies went public on different dates, we also compared how each did three months after its IPO.
Blue Apron was down 45.5 percent from its offer price three months after its IPO — the biggest decline of any major IPO.
The company has been caught in a vicious cycle of warehousing, customer satisfaction, retention and advertising issues.
Blue Apron declined to comment.
Snap is also a top-10 worst performing IPO this year. Initially, the stock performed well; three months after its IPO it was trading at 26 percent above its offer price.
Now, however, its stock is about 25 percent below its $17 offer price.
Snap didn’t immediately respond with comments.
Note that this is percentage change from IPO offer price — available only to institutional investors — meaning regular people may have paid even more when it began public trading.
We excluded from this data set any company that’s gone public in the past three months — including the well-performing Roku and Switch — since there isn’t yet enough data to make a three-month comparison.
This article originally appeared on Recode.net.