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May 2, 2019

Beyond Meat prices IPO at higher end of indicative range ahead of market debut

Beyond Meat has priced its debut share offering at the higher end of the indicative range amid strong demand from investors.

By Dean Best

Beyond Meat has priced its debut share offering at the higher end of the indicative range amid strong demand from investors, prompting the US plant-based firm to include an option for additional subscriptions.

Los Angeles-based Beyond Meat confirmed it will offer 9.63 million shares in the long-awaited initial public offering ahead of an expected Nasdaq listing today (2 May) priced at US$25 each. The underwriters have also been granted a 30-day option to purchase as much as 1.4 million additional shares to cover over-allotments.

The IPO is due to close on 6 May. Goldman Sachs, JPMorgan Chase & Co. and Credit Suisse are the lead book-running managers for the offering, along with BofA Merrill Lynch and Jefferies. William Blair is acting as co-manager.

Beyond Meat, which counts the Beyond Burger as its signature product, revealed an indicative price range on Tuesday of $23-25 a share, up from $19-21 previously. The IPO has been in the pipeline since around October last year.

Reuters reported on Wednesday that at $25 a share, Beyond Meat would be valued at $1.49bn.

The meat-free brand lost a key US investor last week in the form of Tyson Foods, which held a 6.5% stake in the firm. A report from US news website Axios had indicated conflict had arisen between the two companies after traditional meat producer Tyson announced it planned to launch its own plant-based products.

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