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Blue Apron’s stock falls below IPO price, but all isn’t lost

Blue Apron Holdings Inc. has closed below its $10 initial public offering price in just its second day of trading, but early investors shouldn’t write the meal-kit delivery service off just yet.

Shares of Blue Apron APRN, -6.60% slumped 6.6% to close Friday at $9.34, after a tepid first day of trading. However, as evidenced by the offering of used-car company Carvana Co. CVNA, -0.63% an early share decline doesn’t necessarily spell disaster.

Typically, the underwriters on an offering work to stabilize the stock price, keeping it above or at least around its issue price.

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