Beyond Meat hopes to raise $183.8 million in IPO

Plant-based protein company Beyond Meat has filed paperwork with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO).

Roy Graber Headshot
Photo by Jackie Roembke
Photo by Jackie Roembke

Plant-based protein company Beyond Meat has filed paperwork with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO).

The company expects to offer 8.75 million out of its 57.4 million outstanding shares in the IPO. The estimated price for the shares is between $19 million and $21 million. According to a CNBC report, Beyond Meat hopes to raise $183.8 million through the IPO.

With the funds raised through the IPO, Beyond Meat hopes to invest in current and additional processing plants, research & development, and marketing initiatives.

In a registration prospectus summary filed with the SEC in late March, Beyond Meat stated that it has experienced strong sales growth over the past few years, increasing its net revenues from $16.2 million in 2016 to $87.9 million in 2018, representing a 133 percent compound annual growth rate.

“The success of our breakthrough innovation model and products has allowed us to appeal to a broad range of consumers, including those who typically eat animal-based meats, positioning us to compete directly in the $1.4 trillion global meat industry,” the company stated.

“To capture this broad market opportunity, we have developed three core plant-based product platforms that align with the largest meat categories globally: beef port and poultry. … We are focused on continually improving our products so that they are, to the human sensory system, indistinguishable from their animal-based counterparts.”

Beyond Meat products are now carried by approximately 12,100 restaurant and foodservice outlets across the U.S. and Canada, and the company is actively looking at expanding its reach in Europe and Asia.

The company, which revealed plans for an IPO in November 2018, intends to list on the NASDAQ Global Market under the ticker, BYND.

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