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Beyond Meat would be valued at $1.49bn based on $25 a share |
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.
