Meal kit delivery service HelloFresh announced on Tuesday that it planned to raise more than $350 million in an initial public offering in Frankfurt, Germany.

The German company hopes to fare better than rival meal kit provider Blue Apron, which saw disappointing results with its IPO earlier this year. Since Blue Apron's initial IPO of $10 per share, it has seen stock plummet. It is currently trading at $5.16.

"The public listing marks the next logical step to further expand our business, to secure our position as the leading global player and to pursue our long-term growth strategy," HelloFresh co-founder Dominik Richter said in a news release.

According to HelloFresh, the company delivered 33.7 million meals to nearly 1.3 million customers in the second quarter of 2017. The company employs 19,000 people worldwide.