Beyond Meat burgers are coming to a Canadian grocery store near you

25 Avril, 2019, 03:25 | Auteur: Auguste Feret
  • Reuters

It plans to list on the Nasdaq stock exchange under the ticker symbol "BYDN".

The company's plant-based burgers have already made significant inroads, being available at Carl's Jr and T.G.I Friday's and retailers such as Whole Foods and Target.

Plant-based meat maker Beyond Meat Inc is planning to raise up to $183.8 million from an initial public offering, looking to tap into the growing popularity of veganism.

The Beyond Meat IPO will be a major exit for Silicon Valley venture capital firm Kleiner Perkins, which owns almost 16 percent of the company.

The news comes after Beyond Meat filed initial paperwork with U.S. regulators to take the company public last November.

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Beyond Meat confirmed what others have said in recent months, that most consumers of plant-based meat products are not vegetarians.

Artificial meat manufacturer and distributor Beyond Meat has announced its official IPO pricing, pegging its market value at around US$1.21 billion.

The company said it intends to use a bulk of the proceeds towards research and development, and building out manufacturing facilities. The Company aims to improve human health, positively impact climate change, address global resource constraints, and improve animal welfare. Spanning frozen and fresh, Beyond Meat's portfolio of plant-based proteins are sold at more than 35,000 retail and food service outlets worldwide. Driven by consumer demand, the product is created to have the meaty taste, texture and versatility that consumers love about ground beef, but with the added health and sustainability benefits of plant-based meat. Beyond Meats will have 57.43 million shares outstanding after the offering.

Barbecue season is about to get a plant-based makeover.

The increasing health and public awareness in the United States has helped companies such as Beyond Meat flourish in the highly competitive food industry. Findings suggest that interest among Gen Z and millennials for plant-based meat alternatives is high, while boomers are significantly more likely to have no interest purchasing these items. In such circumstances, these expensive prices of plant-based meat products are likely to affect market growth in a bigger way than it appears, as positive consumer approach towards meat alternatives is not very mature, and high prices may drive away even those consumers who are ready to opt for meat alternatives.

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