HelloFresh, the Berlin, Germany-based meal kit delivery service, launched an initial public offering on Thursday that gives it a valuation twice that of rival Blue Apron, according to reports.
HelloFresh began trading on the Frankfurt Stock Exchange at about $12.40 per share, according to technology news website Recode, which valued the company at $1.6 billion, vs. about $800 million for Blue Apron.
The HelloFresh IPO raised up to about 318 million euros ($371 million U.S.), according to Reuters. HelloFresh remains majority owned by private equity firm Rocket Internet.
HelloFresh is the second-largest meal kit provider in the U.S. behind Blue Apron, but both are losing money. HelloFresh, which also operates in several European countries, lost about $24.9 million on revenues of $253 million in the second quarter, according to Recode.
Meanwhile Blue Apron on Thursday reported a bigger loss for the third quarter than analysts expected, although revenues grew in the period.
The loss for the quarter, which ended Sept. 30, totaled $87.2 million, compared with a loss of $37.4 million in the year-ago period. Revenues were up about 3%, to $210.6 million.
The company said it had a 6% decrease in customers, year over year, to 856, but an increase in average revenue per customer, to $245, vs. $227.