502 Error GitLab is taking too much time to respond on Ubuntu 14.04

Hi, I have been trying to install Gitlab a fresh Ubuntu 14.04 VM . Ran the following steps

$ sudo apt-get update
$ sudo apt-get install ca-certificates curl openssh-server postfix
$ cd /tmp
$ curl -LO https://packages.gitlab.com/install/repositories/gitlab/gitlab-ce/script.deb
$ less /tmp/script.deb.sh
$ sudo bash /tmp/script.deb.sh
$ sudo apt-get install gitlab-ce
$ sudo ufw status
Output
Status: active

To                         Action      From
--                         ------      ----
OpenSSH                    ALLOW       Anywhere                  
OpenSSH (v6)               ALLOW       Anywhere (v6)
$ sudo ufw allow http
$ sudo ufw allow https
$ sudo ufw allow OpenSSH
$ sudo ufw status
Output
Status: active

To                         Action      From
--                         ------      ----
OpenSSH                    ALLOW       Anywhere                  
80                         ALLOW       Anywhere                  
443                        ALLOW       Anywhere                  
OpenSSH (v6)               ALLOW       Anywhere (v6)             
80 (v6)                    ALLOW       Anywhere (v6)             
443 (v6)                   ALLOW       Anywhere (v6)

Upon accessing the webpage, got hit with the 502 error (127.0.0.1)