HelloFresh, a Germany-based meal kit delivery service backed by household product supplier Vorwerk, is targeting an initial public offering worth between €250m and €300m ($295m to $355m), Bloomberg reported yesterday.
The company confirmed its plans for a flotation on the Frankfurt Stock Exchange, after reports of its plans initially emerged at the end of last week. HelloFresh will reportedly be valued at €1.5bn to €2bn in the offering, though the company has not yet verified those figures.
Founded in 2011, HelloFresh operates a meal kit delivery service that allows subscribers to receive recipes and precise quantities of ingredients to cook at home. Plans start at approximately $70 for two meals a week that can feed a family of four.
The company is currently active in nine countries but remains unprofitable, though it revealed last month that it had achieved 53% sales growth and added 90,000 accounts during the second quarter of 2017.
HelloFresh previously filed for an initial public offering in October 2015, hoping to secure €300m, but withdrew its plans a month later citing unfavourable market conditions.
The company has so far raised more than $365m in funding, most recently collecting $88m from investment firm Baillie Gifford and an undisclosed backer in December 2016 at a $2.7bn valuation.
E-commerce group Rocket Internet, which holds a 53% stake in HelloFresh, supplied $115m in capital for the company in February 2015, following an $84.7m commitment from Baillie Gifford in 2014.
Rocket Internet and Vorwerk Direct Selling Ventures, the investment arm of Vorwerk, had already taken part in a $10m round for the company in 2012 alongside investment firm Kinnevik and VC firm Holtzbrinck Ventures.
Berenberg, BNP Paribas, Deutsche Bank, JP Morgan, Morgan Stanley and Rabobank have been hired as underwriters for the offering.