Shares of meal-kit company Blue Apron rose 4 percent in their stock market debut Thursday.
The New York company ships boxes to customers filled with all the raw ingredients needed to make home-cooked meals. Blue Apron has many rivals, including HelloFresh and Plated, and there are concerns that competition to deliver groceries to people’s doorsteps will only heat up after e-commerce giant Amazon.com Inc. announced plans to buy organic grocer Whole Foods earlier this month.
Blue Apron Holdings Inc. raised $300 million, selling 30 million shares at $10 per share, below what it originally wanted to raise.
Its shares, which are trading on the New York Stock Exchange under the symbol “APRN,” rose 40 cents to $10.40 shortly after they began trading Thursday morning.