Behind Blue Apron's Drastically Lower IPO Price

Just a day ahead of its IPO, Blue Apron has slashed its share price expectations for the offering. The meal-kit home delivery service is now expecting a share price of between $10 and $11, a drastic drop from its earlier expectations of $15 to $17.

The move lowers Blue Apron's total valuation from $3.2 billion to a little over $2 billion.

Money Morning Capital Wave Strategist Shah Gilani visited "Varney & Co." yesterday to shed light on Blue Apron's troubled business model.

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