Plant-based protein company Beyond Meat has filed for a $100 million initial public offering, as vegan and meat alternative food products gain in popularity.
The California-based startup is the maker of vegan sausage, vegan chicken and its flagship product, the Beyond Burger, a 100% plant-based burger sold in grocery stores such as Whole Foods and Kroger and served in restaurants including TGI Fridays. The company claims the burger is "the closest thing to meat" that it has ever created.
Diet and nutrition
Diet, nutrition and fitness
Food and drink
Health and medical
Vegetarian and vegan diets
Animal slaughtering and processing
Banking, finance and investments
Business and industry sectors
Business, economy and trade
Financial markets and investing
Financing and stock offering
Food and beverage industry
Food production industry
Initial public offering
In documents filed Friday, the company said it had applied to list its common stock on the Nasdaq under the symbol "BYND," with an initial offering size of $100 million.
The company says net revenue for the nine months ending September 29, 2018, was $56.4 million, a 167% increase from the same period a year earlier. Net losses through September 29, 2018, were $22.4 million.
"Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing and marketing initiatives," the company said in the filing.
The global market for meat substitutes is forecast to grow steadily, from an estimated $4.6 billion in 2018 to $6.4 billion by 2023, according to research firm MarketsandMarkets.
The expansion owes to rising health concerns, including obesity and diabetes, due to consumption of meat products, the research found.
Meat substitute companies, like Beyond Meat, Morningstar Farms and Impossible Foods, are benefiting from growing concern over animal welfare and the environmental impact of factory farming.
Beyond Meat was founded in 2009 and is backed by Bill Gates and Twitter co-founder Biz Stone. J.P Morgan, Goldman Sachs and Credit Suisse will lead the IPO.
- Plant-based protein company Beyond Meat files for IPO
- Dropbox files for a $500 million IPO
- Lyft files confidential plans for an IPO
- Spotify's IPO is not like other IPOs
- Chinese smartphone maker Xiaomi files for huge Hong Kong IPO
- Dropbox raises its IPO range
- Aston Martin is considering an IPO
- Spotify readies IPO, is Soundcloud next?