Germany-based recipe and meal delivery service HelloFresh, majority-owned by e-commerce group Rocket Internet, has put its initial public offering on hold due to market conditions, Reuters reported on Sunday.
The company filed for a €300m ($322m) IPO on the Frankfurt Stock Exchange last month.
HelloFresh operates a subscription-based service that sends users recipes along with the precise quantities of ingredients needed to cook the meals. The service is available in seven European countries as well as the US, Canada and Australia.
HelloFresh has been growing rapidly, generating a revenue of €198m for the first nine months of 2015, an increase of 384%, though losses also increased from €8.5m to €58m over that period.
Rocket Internet currently holds a 57% stake in HelloFresh. Remaining shareholders include Holtzbrinck Ventures, a venture capital affiliate of publisher Georg von Holtzbrinck, and Vorwerk Direct Selling Ventures, the investment vehicle of conglomerate Vorwerk.
The company has raised more than $277m to date. Most recently, HelloFresh secured $84.7m from investment firm Baillie Gifford in September 2014 at a valuation of $3bn.
Rocket Internet, Holtzbrinck Ventures, Vorwerk Direct Selling Ventures and investment firm Kinnevik invested $10m in 2012. Rocket Internet also injected approximately $115m in February 2015.