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Blue Apron May Need to Raise More Money Soon After Shrunken IPO

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  • Meal-kit delivery company has cash, credit for at least 1 year
  • Blue Apron shares drop back to $10 offer price on first day

Why Blue Apron's Stock Fizzled in Debut

Less than 24 hours after collecting $300 million in its initial public offering, Blue Apron Holdings Inc. faces the reality of needing more cash -- and soon.

The unprofitable meal kit-delivery company, which touted its growth prospects to potential investors on its IPO roadshow, has leaned on its marketing strategy to build a customer base. That outreach eats up a fifth of the company’s total spending.