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Beyond Meat looks for tasty IPO
Posted on Tuesday, 23 April 2019 13:59
Beyond Meat, a US producer of plant-based meat substitutes, is planning to raise as much as USD 183.75 million through its initial public offering (IPO).

The business is offering 8.75 million shares at a price between USD 19.00 and USD 21.00 apiece, which could value the group at USD 1.21 billion.

Furthermore, the listing also includes a 30-day overallotment option of 1.31 million stocks, that if exercised, would increase the final amount raised to USD 211.31 million.

Beyond Meat first filed for an IPO back in November and set a placeholder of USD 100.00 million.

Founded in 2009, the company produces burgers, sausages and crumbles using plant-based meat substitutes such as pea protein isolates and coconut oil, and can be found in restaurants and stores including Safeway, Food Lion and TGI Fridays.

The group booked net revenue of USD 87.93 million for the financial year ended 31st December 2018, up significantly from USD 32.58 million in the preceding 12 months.

However, the business also posted a net loss of USD 29.89 million within the same period, compared to a loss of USD 30.38 million in the previous year.

Beyond Meat, whose high-profile investors include Microsoft founder Bill Gates and Academy Award-winning actor Leonard DiCaprio, said its existing shareholders will not sell any stock as part of the IPO.

According to media reports, the listing comes amid an increase in the number of people who are deciding to go vegan, which has seen the US’ largest food producer, Tyson Foods, begin development on its own alternative-protein product line.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 84 deals announced worldwide targeting all other food manufacturers since the beginning of 2018.

In the largest of these, and one of two Dutch companies featured in the top ten, PAI Partners and Charles Jobson agreed to buy frozen snack, drink and organic food producer Wessanen for EUR 885.00 million in March.

Other targets in this sector include FPW Singapore Holdings, Motif Ingredients and Greencore Group.

© Zephus Ltd