By Caitlin Huston. Source: MarketWatch.
Shares of Blue Apron Inc. APRN closed at their lowest level yet Tuesday, adding to the company’s position as the worst performing IPO in 2017 among large issuers, according to Renaissance Capital, a manager of IPO-focused ETFs. Blue Apron shares have fallen 36% from its IPO price of $10, giving it the worst returns among IPOs that have a deal size of $100 million or greater so far this year, according to Renaissance. Blue Apron raised $300 million in its IPO. Also included in the category is Snap Inc. SNAP which raised $3.4 billion in its March initial offering and has fallen 13% from its issue price. Blue Apron shares began trading on the New York Stock Exchange June 29, and along the way the stock has faced questions over its high customer-acquisition cost as well as increasing competition from Amazon Inc. AMZN Amazon has moved into the meal-kit space, with prepared meals already available for some Prime customers on its site. Blue Apron shares have fallen 3.5% in the past week, while the S&P 500 has stayed largely flat.