US vegan food business Beyond Meat is planning an initial public offering (IPO), according to media reports in the country.
The plant-based specialist behind the Beyond Burger has already chosen investment banks JP Morgan, Goldman Sachs and Credit Suisse to facilitate the process, business news site CNBC said, quoting “people familiar with the matter”.
It is not known how much the company is hoping to raise from an IPO.
Los Angeles-based Beyond Meat has sold 25m of its Beyond Burgers since 2016, according to the company. It is exporting to Canada and plans to sell its products in the UK, although proposals for a UK launch via supermarket chain Tesco in August were put on hold amidst fears of a lack of supply.
The company has said it eventually wants to export to 50 countries.
Its products – which also include plant-based ‘sausages’ – are often touted for their authentic taste and are commonly sold alongside meat products in US supermarkets. Whole Foods, Target and Kroger are among the stockists.
Beyond Meat also sells into the foodservice channel with restaurants including TGI Friday’s putting the Beyond Burger on its menu.
The company has attracted high-profile backers, including Microsoft founder Bill Gates and actor Leonardo DiCaprio, while food companies such as US meat giant Tyson Foods have also invested in the business.
In June, Beyond Meat, opened a second manufacturing facility in the US to meet growing demand for its products.
just-food has asked Beyond Meat for a comment.
