HelloFresh, the Berlin-based cooking kit delivery company, priced its IPO at the middle of its expected range at 10.25 euros, or roughly $11.91 dollars.
This means that the company could raise up to 318 million euros in the offering, or $369 million, assuming underwriters exercise what's called a greenshoe option. It would value the company at nearly $2 billion or 1.7 billion euros, which is below the last private market valuation of 2 billion euros.
The timing of the IPO may come as a surprise to some, given that competitor Blue Apron recently had a lackluster public debut. The company is already trading at less than half its June IPO price, but HelloFresh must be hoping that investors of the Frankfurt Stock Exchange will be more receptive than in the U.S.
Its financials are also slightly better. HelloFresh said it had about 435 million euros in revenue for the first six months of this year, which works out to about $505 million. Losses were nearly 57 million euros for the same timeframe, or roughly $66 million. Blue Apron had $483 million in revenue and $84 million in losses for the same period.
Blue Apron’s struggles are partly due to investor concerns, following Amazon’s purchase of Whole Foods. It's also because of challenges with customer retention.
Blue Apron and HelloFresh are part of a sea of competition in the cooking kit delivery category. A similar business, Plated, recently sold to Albertson’s.
The business has received backing from Rocket Internet, a German company. Other investors include Insight Venture Partners and Baillie Gifford.
This article originally appeared on TechCrunch.