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Vegan burger maker Beyond Meat raises price range in upsized IPO
[BENGALURU] Plant-based meat maker Beyond Meat Inc on Tuesday increased the expected price range and size of its initial public offering, ahead of an expected market debut on Wednesday, indicating strong investor demand.
The company said it expects to offer 9.63 million shares, up from 8.75 million shares and the IPO to be priced between US$23 and US$25 per share, up from US$19 and US$21 per share, its latest filing with the US Securities and Exchange Commission showed.
The higher end of the indicative price range gives the company a market value of US$1.49 billion, up from US$1.21 billion earlier.
Plant-based meat substitutes have been gaining popularity as more attention is focused on the environmental hazards of industrial ranching.
The Los Angeles-based company in early January announced it was rolling out its plant-based burger at fast-food chain Carl's Jr.
Investors in Beyond Meat include actor Leonardo DiCaprio, and Microsoft Corp founder Bill Gates.
Tyson Foods Inc, the no 1 US meat processor, owned a 6.5 per cent stake in Beyond Meat, but last week said it sold its investment in the vegan burger maker, as it looks to develop its own line of alternative protein products.
Beyond Meat's net loss narrowed marginally to US$29.89 million in the year ended Dec 31, from US$30.38 million a year earlier. Net revenue more than doubled to US$87.93 million in the same period.
The company expects to start trading on the Nasdaq under the symbol "BYND".
Goldman Sachs, JP Morgan, Credit Suisse are the lead underwriters to the IPO.