Los Angeles Times
Beyond Meat is prepped for IPO
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.