Plant-based meat maker Beyond Meat Inc. is planning to raise up to US$183.8-million from an initial public offering, looking to tap into the growing popularity of veganism.
The company said it expects to offer 8.75 million shares, priced between US$19 and US$21 a share in the IPO, its latest filing with the U.S. Securities and Exchange Commission showed.
The higher end of the indicative price range gives the company a market value of US$1.21-billion, based on 57.4 million outstanding shares, excluding the underwriters’ option.
Investors in Beyond Meat include Tyson Foods, the largest U.S. meat processor, actor Leonardo DiCaprio and Microsoft founder Bill Gates.
The Los Angeles-based company in early January announced it was rolling out its plant-based burger at fast-food chain Carl’s Jr.
Plant-based meat substitutes have been gaining popularity as more attention is focused on the environmental hazards of industrial ranching.
Beyond Meat expects to receive gross proceeds of about US$175 million from the offering, excluding the underwriters’ option. Beyond Meat’s existing stockholders will not sell any shares in the offering.
The company said it intends to use a bulk of the proceeds towards research and development, and building out manufacturing facilities.
Goldman Sachs, J.P. Morgan, Credit Suisse are the lead underwriters to the IPO.