Beyond Meat Inc., the maker of vegan chicken and beef substitutes backed by some of the biggest names in food and technology, is seeking to raise as much as $184 million in its initial public offering.
The Beyond Sausage, left, the Beyond Burger 2.0 and the Beyond Breakfast Sausage are some of the products created by Beyond Meat.
Beyond Meat’s biggest stakeholders are venture capital firm Kleiner Perkins Caufield & Byers LLC, which owns 16% of the company, and Twitter Inc. co-founder Ev William’s Obvious Ventures with 9%, according to its filings. Four-fifths of respondents in a Cargill survey said they were interested in plant-based or alternative sources of protein. More than two-thirds said they intended to maintain or increase their consumption of animal protein in the next year, according to the survey conducted in the U.S., Brazil, the Netherlands and Vietnam and released Monday.
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Beyond Meat sets IPO terms, to raise $184 million and be valued at $1.2 billionBeyond Meat has set terms for its initial public offering, with the plant-based meat maker expected to raise up to $183.8 million and be valued at $1.21 billion. The El Segundo, Calif.-based company is offering 8.75 million shares in the IPO, which is expected to price between $19 to $21 a share. If the underwriters exercise all the options granted to cover overallotments, the company could raise up to $211.3 million. The company plans to use the proceeds from the IPO to invest in current and additional manufacturing facilities and expand research and development. Beyond Meats will have 57.43 million shares outstanding after the offering. The stock is expected to list on the Nasdaq under the ticker symbol "BYND." The company is looking to go public at a time that the Renaissance IPO ETF has run up 29% year to date and the S&P 500 has gained 16%.
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Beyond Meat's IPO plans give it a $1.2 billion valuationCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
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