Impossible Foods, the US-based supplier of plant alternatives to meat products, is reportedly preparing for a flotation in the next year.

The Californian company is weighing up whether to list through an IPO or through combining with a special purpose acquisition company, or SPAC, Reuters reported.

Citing unnamed sources, Reuters said Impossible Foods had worked with advisers on talks with SPACs after receiving offers at a lucrative valuation. Sources told the news agency a public listing could value Impossible Foods at around US$10bn.

Impossible Foods, founded in 2011, sells products including plant-based burgers and sausages in the US. It has opened up markets outside the US, including Canada and in Asia.

The company’s most recent announcement on funding came last August, with a Series G round attracting $200m in investment. That funding followed a $500m Series F round announced five months earlier, which was said to be one of the largest investment rounds for a food tech start-up.

So far, Impossible Foods has raised $1.5bn.

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By GlobalData

Beyond Meat is the most well-known plant-based meat business to have floated, although there have been others in Canada.

Like other sectors, the food industry has seen a number of transactions involving SPAC vehicles in recent months. Two weeks ago, US vertical-farming business AeroFarms announced it is to list on the stock market through a Nasdaq-listed SPAC, Spring Valley Acquisition Corp.

In February, Post Holdings, the US manufacturer behind brands including Grape-Nuts and Weetabix, announced it was launching a special-purpose acquisition company to “partner” with another company in the CPG industry.

A month earlier, Stryve Foods LLC, a US-based protein snacks firm, announced it had formed a “definitive agreement for a business combination” with Nasdaq-listed Andina Acquisition Corp. III, a blank-check acquisition company set up in 2019.

In June last year, Utz Quality Foods, one of the largest producers of savoury snacks in the US, went public after a merger with a special-purpose acquisition company set up by a former Kraft Foods executive.