Plant-based meat maker Beyond Meat Inc is planning to raise up to $183.8 million from an initial public offering, looking to tap into the growing popularity of veganism
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The higher end of the indicative price range gives the company a market value of $1.21 billion, based on 57.4 million outstanding shares, excluding the underwriters' option. The Los Angeles-based company in early January announced it was rolling out its plant-based burger at fast-food chain Carl’s Jr.
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Vegan burger maker Beyond Meat plans to raise up to $183.8 million in IPONo meat, no problem. Vegan burger maker plans to raise up to $183.8 million in IPO via ReutersTV
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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 could be valued at up to $1.2 billion in IPOBeyond 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.
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