Blue Apron's 90% Drop Makes It Third Worst U.S. IPO This Decade

While it may be hard to believe, that’s not the worst first 18 months for a public company this decade on U.S. exchanges.

Brandon Kochkodin

19 Dec 2018, 08:54 AM IST

Blue Apron's 90% Drop Makes It Third Worst U.S. IPO This Decade

Matt Salzberg, co-founder and chief executive officer of Blue Apron Holdings Inc., watches traders during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S. (Photographer: Michael Nagle/Bloomberg)

(Bloomberg) -- Blue Apron Holdings Inc. has seen 90 percent of its market value disappear since its initial public offering in June 2017.

While it may be hard to believe, that’s not the worst first 18 months for a public company this decade on U.S. exchanges. That dubious honor belongs to CHC Group Ltd., a provider of helicopter transport for offshore oil drillers, that went bankrupt in the wake of crude’s price collapse.

Blue Apron can’t blame slumping oil prices for its woes -- the New York-based meal kit delivery service is the only non-energy company that finds itself within the bottom five debuts for U.S. based companies this decade.

Blue Apron’s IPO in June 2017 was led by Goldman Sachs Group Inc. and Morgan Stanley.

To contact the reporter on this story: Brandon Kochkodin in New York at bkochkodin@bloomberg.net

To contact the editors responsible for this story: Joe Weisenthal at jweisenthal@bloomberg.net, ;Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha