USA – The US-based beef alternatives producer, Beyond Meat has launched its initial public offering (IPO) of 8,750,000 shares of common stock with a goal to raise US$183 million in funding.
Beyond Meat’s IPO price is expected to be between US$19.00 and US$21.00 per share, before underwriting discounts and commissions.
At the upper price range, the flotation would value the company at US$1.2 billion, according to FoodIngredientsFirst.
The company is looking to grow capabilities in meat alternatives, as demand for plant-based foods rise driven by a resolve to healthy lifestyles, concerns around animal ethics and the environment.
Beyond Meat aims to produce meat directly from plants for the benefit of human health, climate change, natural resource conservation and animal welfare.
The company intends to use the gross proceeds from the offering to invest in current and additional manufacturing facilities.
It is also looking to expand research and development and sales and marketing capabilities, as well as for working capital and general corporate purposes and pay fees and expenses in connection with the offering.
Beyond Meat claims to use clean, simple plant-based ingredients without the use of antibiotics, hormones, soy, gluten or genetically modified organisms.
In March, the company rolled out plans to launch its flagship Beyond Burger product in Europe, offering the same meaty taste, juicy texture, and versatility to beef products.
The plant-based meat alternative is made with a blend of mung bean, pea and rice protein to provide a meatier texture that mimics the chew and juiciness of ground beef.
It features 25% less saturated fat than beef with no soy, no gluten and no genetically modified organisms.
It is made with a blend of pea, mung bean, and rice proteins that provide a meaty texture that mirrors the satisfying chew and juiciness of ground beef.
The recent shift to plant-based alternatives has seen Impossible Foods introduce gluten-free, non-meat Impossible Burger.
Nestle was the latest to enter into the meat-free market after launching its 100% plant-based (‘cook from raw’) burger in Europe, with plans for US debut.