Los Angeles – Beyond Meat Inc., a maker of vegan chicken and beef substitutes, is seeking to raise as much as $184 million US in its initial public offering.
Beyond Meat, Inc. recently launched its initial public offering of 8,750,000 shares of common stock and plans to sell the shares for $19 to $21 US each, according to a filing with the Securities and Exchange Commission.
Beyond Meat has applied to list shares on the Nasdaq Global Market under the symbol “BYND.”
The company expects to receive gross proceeds of approximately $175 million from the offering, or $201.3 million if the underwriters exercise their option in full, assuming the shares price at the mid-point of the offering range, according to a press release. It intends to use the gross proceeds from the offering to invest in current and additional manufacturing facilities, to expand research and development, to expand sales and marketing capabilities, to generate working capital and general corporate purposes, and to pay fees and expenses in connection with the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.
Beyond Meat, founded in 2009 and initially focused on a frozen-chicken substitute, now is best known for the Beyond Burger, which is sold at TGI Friday’s and A&W.
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