(Reuters, Burger King, Beyond Meat, Internet) – Plant-based meat provider Beyond Meat is planning to raise nearly $139 million from an initial public offering, according to a Monday filing with the U.S. Securities and Exchange Commission, as it looks to tap into the growing demand for vegetarian options. Conway G. Gittens reports.
Meatless burger company Beyond Meat is looking to cash in on the growing appetite for meat alternatives.
The maker of plant-based meat products announced Monday it plans to raise up to $183 million in an initial public offering.
It’s looking to sell shares at between $19 and $21, according to a filing with the U.S. Securities and Exchange Commission.
If priced at the high end of that range, Beyond Meat would debut on Wall Street with a $1.2 billion market value.
It’s currently backed by traditional meat giant Tyson Foods as well as some high profile names including Microsoft founder Bill Gates and actor Leonardo DiCaprio.
Beyond Meat is part of a small group of companies responding to consumer demand for a non-meat product that tastes better and looks more like a traditional burger than earlier vegetarian options.
The nascent industry recently went mainstream with fast food restaurants Burger King and White Castle adding meat alternatives made by Impossible Foods, a Beyond Meat competitor.
Beyond Meat is on the menu at TGI Friday’s and fast-food chain Carl’s Jr.
The stock will trade on the Nasdaq as B-Y-N-D.
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