Friday, April 26, 2019

Beyond Meat going public

That's a co-incidence:  after having just tried one of their burgers and finding it pretty satisfying, Vox says that the US company is going public and has had good growth in the last few years.  Not profitably yet, but it seems everyone expects it to be:
Now, the company has filed with the Securities and Exchange Commission for an IPO, scheduled for next week. They’ll sell shares in the company for between $19 and $21 per share, allowing them to raise $183 million for additional manufacturing facilities, research and development, and sales. If their stock sells at the high end of that, the company would be valued at $1.2 billion. They’ll be listed on NASDAQ as BYND.

Founded in 2009 by CEO Ethan Brown, the Los Angeles-based company’s products first hit supermarket shelves in 2013. Its rapid rise — food is not an easy industry to break into — reflects intense consumer demand and investor interest in meat alternatives. The company has never been profitable, and lost $29 million in 2018, but its rapidly growing revenues made it a good bet to many investors — as did its positioning on the frontier of a transformation of our food system.

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