On Monday, plant-based meat alternative brand Beyond Meat announced that it will be going public. The California-based company plans to price its initial public offering of 8.75 million shares at between $19 and $21 per share, which will give Beyond Meat a market valuation of over $1.20 billion.
The company expects to list on the Nasdaq Global Market and hopes to raise $183.8 million through their IPO. In turn, proceeds of the deal will be used to invest in current and new manufacturing facilities, research and product development, and increasing sales and marketing efforts, as well as for general corporate purposes.
A 10-year-old company, Beyond Meat produces protein foods that look and taste like real meat, and can even be found right along with real meat in the meat case at grocery stores. In recent years, the company has seen great success in their business. In fact, Beyond Meat reported that its revenue spiked from $16.2 million in 2016 up to $87.9 million just last year.
This is mostly due to an increase in demand for meat substitutes by people concerned about animal cruelty and the environmental impact of the meat agriculture industry. Moreover, Beyond Meat’s products are simply unique in that they mimic meat to perfection, tasting, cooking, and even bleeding like real meat does.
Beyond Meat plans to begin trading in early May of this year under the ticker symbol “BYND”.