Author: Nathaniel Popper / Source: New York Times
Ángel Franco/The New York Times
SAN FRANCISCO — Beyond Meat revealed details on Monday for its planned Wall Street debut, in what will be a test for businesses that want to replace meat with plant-based alternatives.
The company said in a regulatory filing that it hoped to begin selling its stock at a price that would value the start-up at about $1.
2 billion, slightly less than what it was worth in its most recent private investment round. The shares will be sold on the Nasdaq exchange.Beyond Meat is smaller than most of the high-tech companies that have been going public this year, but it has one thing in common with many of them: It is losing money — $30 million last year. But revenue grew faster than losses, increasing 170 percent to $88 million.
The overall market for meat replacements in the United States grew around 22 percent last year, and 18 percent the year before, according to Euromonitor International.
The planned initial public offering of Beyond Meat, which is based in the Los Angeles area, comes at a time of high expectations for start-ups offering vegetarian replacements for animal products.
Burger King recently said it was introducing a meatless version of its Whopper sandwich, with a plant-based patty from Beyond Meat’s biggest competitor, Impossible Foods. And several grocery chains have begun selling a scrambled egg replacement from the start-up Just, which was previously called Hampton Creek.
Beyond Meat has its own string…
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