Blue Apron’s plans for an initial public offering have been put on hold as the meal-kit delivery company seeks to improve its financial metrics, Bloomberg reported.
Blue Apron’s CFO, Brad Dickerson, was formerly CFO for Baltimore sports apparel giant, Under Armour. Dickerson joined Under Armour in 2004 before its initial public offering and led the company through more than a decade of expansion into a multi-billion dollar company. He left Under Armour to join Blue Apron in February.
Blue Apron declined to comment on Bloomberg’s story, which reported that the company has pushed back on hiring underwriters until next year. The company started interviewing banks to advise on the IPO in September.
The company reported more than $800 million in annual revenue this year, but has struggled to improve profit margins. Blue Apron needs a stronger financial performance to support the $3 billion valuation target the company is eyeing for its IPO, Bloomberg reported.