HelloFresh, a partially-prepped meal company, raising around $350 million in the process.

HelloFresh, the Berlin-based cooking kit delivery company, revealed that it’s planning to raise up to $353 million in an IPO on the Frankfurt Stock Exchange. The move would value HelloFresh at up to 1.5 billion euros ($1.8 billion) in the public markets. This is below the last private market valuation of 2 billion euros.

The German company follows Blue Apron (the U.S.-founded) into the public market. Blue Aron, a product cognate, struggled on its path to its IPO. The aftermath of that offering has been even crueler, perhaps, with Blue Apron shedding around half its value after its debut.

Given that the stock market has already partially-digested a competitor, HelloFresh is walking into a buzzsaw.

So why is HelloFresh going public now?

Why Now?

There are many reasons to go public: It’s an opportunity to raise new capital and provide liquidity to investors and employees. But it’s doubtful that HelloFresh would willingly follow Blue Apron so closely free from external stimuli.

We can learn today is that HelloFresh is betting that the market’s sentiment regarding Blue Apron does not impact itself.

1. Of course, at growing companies, this sort of forecasting is more conservative than using MRQ*4. But we could be rolling TTM on the top line front. So if anyone wants to whine, please do it to yourself.
2. H1’17 revenue times two is $965.8 million. The firm is worth $966.4 million according to Yahoo Finance as of the time of writing.