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Vegan startup Beyond Meat could be valued at up to $1.2 billion as it goes public.
The company plans to offer 8.75 million shares priced between $19-$21 each according to a filing with the U.S. Securities and Exchange Commission.
A listing at the top of this range would push the company to a value of more than $1 billion.
Investors
Although Beyond Meat lists a number of extremely high profile personalities as investors – including Leonardo DiCaprio and Bill Gates, company Founder and CEO Ethan Brown revealed to Plant Based News last year that he was unlikely to take on another private investment round.
When PBN Founder Klaus Mitchell asked Brown whether he would still be taking investment in three years, Brown replied: “I’d love to because it allows really great people to get behind the brand.
“The challenge is we’re sort of tapering down that phase of the business, so we’re unlikely to do another private round.”
PBN Founder Klaus Mitchell interviews Beyond Meat Founder and CEO Ethan Brown. Subscribe to PBN’s YouTube Channel here
Beyond Burger success
Beyond Meat has experienced massive success in recent years, with its flagship product – the Beyond Burger – outselling meat burgers in some mainstream stores in California, as demand for the product grows.
“When we got into the meat case, we thought ‘let’s see if we can really represent plant-based meat, let’s see if we can not get thrown out’ – things like that,” Brown told PBN.
“Now in Southern California – in one of the largest conventional retailers in the country – in the Southern California district we are now the number one selling patty in the meat case…that’s by unit not by weight yet. To have that level of interest in the product, in the meat case itself, this soon was really exciting.”
Beyond Burger in the UK
The patty launched in the UK last November – several months later than anticipated due to supply issues.
It was supposed to arrived in Tesco stores across the UK in August, but Beyond Meat Executive Chairman told The Grocer that ‘higher than expected’ demand in the UK and US meant the company didn’t have the stock.
He added: “We are taking steps to make sure that when we do launch, we will be sure to have enough product to keep the shelves full.”
Global expansion plans
In addition, last Summer Beyond Meat Founder and CEO Ethan Brown revealed that the company was planning massive global expansion, saying: “Reflecting rapid demand growth in the United States and sustained interest from international markets, we’ve taken steps to significantly increase our production capacity.
“These additions make it possible for us to support international launches, building upon the successful 2017 introduction of the Beyond Burger in Hong Kong.”
Beyond Meat revealed at the time that it had partnered with a select group of distributors to enter over 50 countries including Germany and the rest of Europe, Canada, Australia, Mexico, Chile, Israel, UAE, Korea, Taiwan and South Africa.
