Los Angeles Times

Beyond Meat is prepped for IPO

- By Michael Hytha and Lydia Mulvany Hytha and Mulvany write for Bloomberg.

Beyond Meat Inc., the maker of vegan chicken and beef substitute­s backed by some of the biggest names in food and technology, is seeking to raise as much as $184 million in its initial public offering of stock.

The El Segundo company plans to sell 8.75 million shares for $19 to $21 each, according to a filing Monday with the U.S. Securities and Exchange Commission. A listing at the top of that range would give the company a market value of about $1.2 billion based on the shares to be outstandin­g after the offer, according to its filing.

The company is one of several makers of plantbased meat substitute­s or lab-grown meats that have attracted high-profile backers.

Its investors include Microsoft Corp. co-founder Bill Gates and actor Leonardo DiCaprio, as well as former McDonald’s Corp. Chief Executive Don Thompson.

Beyond Meat’s biggest stakeholde­rs are venture capital firm Kleiner Perkins Caufield & Byers, which owns 16% of the company, and Twitter Inc. co-founder Evan Williams’ Obvious Ventures with 9%, according to its filings.

The company’s latest filing shows its 2018 loss shrank, while its revenue more than doubled for the second year in a row. It lost $29.9 million on revenue of $87.9 million last year compared with a loss of $30.4 million on revenue of $32.6 million in 2017.

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