Plant-based meat producer Beyond Meat expects its initial public offering (IPO) to price between USD19 and USD21 per share, which would give the company a market value as high as USD1.21bn.
According to its filling with the Securities and Exchange Commission, the California-based company is seeking to raise USD183.8m through the IPO. Beyond Meat has applied to list shares on the Nasdaq Global Market under the symbol BYND. The vegan product producer plans to use proceeds from the IPO to invest in expanding its operations, including research and development and marketing.
The company launched in 2009 and it is best known for its Beyond Burger. Back in January, the vegan company rolled out its meat-less burger at fast-food chain Carl’s Jr. Its products can also be found at Whole Foods and Kroger, as well as on menus at TGI Friday. Investors in the company include Tyson Foods, Microsoft co-founder Bill Gates and activist Leonardo DiCaprio.