Blue Apron tumbles again in its second day as its IPO settles for a down round

Blue Apron is now down from its IPO price during trading today, falling around 4 percent to around $9.60 — a bit south of its original price.

Early in the planning process, Blue Apron was shooting for a price range of between $15 and $17, which would have helped it raise even more money and value the company at around $3 billion. Instead, it had to settle for a valuation below $2 billion and a lot of questions about the company’s future on Wall Street.

On the one hand, IPOs are supposed to be fundraising rounds, and Blue Apron’s debut yesterday pretty much confirmed that it was able to raise as much money as possible. But the stock went nowhere on its first day, and now it’s dipped below that initial pricing, effectively meaning the IPO was the equivalent of a down round —…

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