Blue Apron’s price cut shows investors are wary of high-growth with no profit

The window is closing on Blue Apron’s IPO. The do-it-yourself meal-kit delivery service is going public tomorrow. Today they cut the initial price target for their shares by about a third. That puts the company’s valuation below the estimated $2.2 billion valuation in their last round of private venture capital funding. There are no inside investors in the IPO, so it’s not a case of the owners cashing out. So why IPO at all? 

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