Vegan meat producer Beyond Meat is preparing to go public, and based on the company’s filing, it could be worth up to $1.2 billion.
According to the El Segundo, California-based company’s filing with the U.S Securities and Exchange Commission (SEC), Beyond Meat plans to sell 8.75 million shares for $19 to $21 each.
At the upper end, that would push Beyond Meat, which is currently valued at over half a billion dollars, to a market valuation of $1.2 billion.
Beyond Meat has quickly grown to become one of the most recognizable names in the plant-based meat category, due in large part to its flagship Beyond Burger.
The Beyond Burger, unlike a number of vegan burgers created in the past, is said to taste, look, even cook like a beef burger.
The burger was an instant crowd favorite, following its May 2016 launch in a Colorado Whole Foods grocery store, where the product sold out in just one hour.
Beyond Meat, which makes other vegan meats like sausages and beef crumbles, has struggled to keep its products stocked in stores over the past few years.
The company’s creation of products that appeal not only to vegans but also to meat eaters has proven crucial to its success, as non-vegans account for the vast majority of consumers.
Beyond Meat has also been successful in drawing in investors that include Bill Gates, Twitter co-founders Evan Williams and Biz Stone, and even the world’s second largest meat processor, Tyson Foods, which is also rapidly producing its own plant-based protein as demand grows.
Beyond Meat, which will be listed as BYND, is considered a unicorn in finance, that is a privately-held startup valued at over $1 billion.
However, despite the company’s accomplishments, Beyond Meat has yet to turn a profit and warns that it might not ever do so.
“We have a history of losses, and we may be unable to achieve or sustain profitability,” the company wrote in its filing.
“We may not succeed in increasing our revenues and margins sufficiently to offset the anticipated higher expenses.”
Perhaps more promising for Beyond Meat is the fact that demand is so overwhelming that the company is struggling to keep up.
“We currently do not have sufficient capacity to meet our customers’ demands and to satisfy increased demand, we need to expand our operations, supply and manufacturing capabilities,” the company wrote.
The vegan meat producer is hoping that the potential $183.8 million raised in the IPO will help take it to the next level.
Beyond Meat CEO Ethan Brown has stated that funds raised in an IPO will help the company with its plans to lower its price below the price of animal-derived meat, and that could lead to a much large number of consumers switching to plant-based meat.