HelloFresh SE said Oct. 10 the German meal-kit delivery company is preparing for an initial public offering, with a goal to raise as much as €300 million.
The Berlin-based company, owned by venture incubator Rocket Internet SE, plans to list its shares on the Frankfurt Stock Exchange and aims to generate proceeds of between about €250 million and €300 million, which mainly will be used to fund growth, it said in a statement.
"The public listing marks the next logical step to further expand our business, to secure our position as the leading global player and to pursue our long-term growth strategy," HelloFresh cofounder and CEO Dominik Richter said in a statement. "In 2011, we started with the mission to change the way people eat ... Now, the time has come to propel HelloFresh to the next level."
The food subscription company's announcement comes two years after it postponed an IPO in 2015 due to weak investor appetite, according to The Financial Times and other reports. It also follows a troubled IPO by American rival Blue Apron Inc., whose shares have plunged 49% on the New York Stock Exchange since its listing in June 2017.
HelloFresh said it aims to break even within the next 15 months. In 2016, the company saw revenue surge 95.8% year over year to €597 million from €305 million in 2015, and its net losses narrowed to €93.9 million from €116.8 million, according to its financial statement. HelloFresh started disclosing financial information in 2015.
The company delivers boxes containing recipes and portioned fresh ingredients chosen from weekly menus. A classic box, which caters to up to four adults, comes at a minimum price tag of about $6.50 per meal, according to its website.
HelloFresh had about 1.3 million active customers in the second quarter, according to its statement. It operates in 10 countries, including Germany, the U.S., the U.K., Australia and Canada.