Beyond Meat Inc., the maker of vegan chicken and beef substitutes backed by some of the biggest names in food and technology, is seeking to raise as much as $184 million in its initial public offering.
The company plans to sell 8.75 million shares for $19 to $21 each, according to a filing Monday with the Securities and Exchange Commission. A listing at the top of that range would give the company a market value of about $1.2 billion based on the shares to be outstanding after the offer, according to its filing.
The company is one of several makers of plant-based meat substitutes or lab-grown meats that have attracted high-profile backers. Its investors include Microsoft co-founder Bill Gates and Leonardo Dicaprio, as well as former McDonald’s chief executive officer Don Thompson. Beyond Meat’s biggest stakeholders are venture capital firm Kleiner Perkins Caufield & Byers, which owns 16 percent of the company, and Twitter co-founder Ev William’s Obvious Ventures with 9 percent, according to filings.
Tyson Foods Inc., the largest U.S. meat producer, is accelerating development of its own alternative-protein products and is also a backer of Beyond Meat. Tyson has invested in Jerusalem-based Future Meat Technologies and, along with Gates, Richard Branson and Cargill Inc., is an investor in Memphis Meats, a cultured meat producer.
