Beyond Meat looks to raise $183.8 million in its IPO

Burgers with its fake meat can be found at national restaurant chains like Carl’s Jr. and T.G.I. Friday’s. Consumers can also find Beyond’s products at Whole Foods, Kroger and Target. Its high-profile investors include Bill Gates, Leonardo DiCaprio and Tyson Foods.

The company reported revenue of $87.9 million and a net loss of $29.9 million in 2018.

The number of Americans who choose vegan or vegetarian diets has remained stagnant over the last decade, but more are embracing “flexitarian” diets. Nearly 40 percent of Americans are trying to eat more plant-based foods, according to a Nielsen Homescan survey.

Beyond and rivals like Impossible Foods have taken advantage of the increasing public awareness about meat consumption’s health and environmental risks. And unlike previous iterations of veggie burgers, the companies have created products that closely mimic the taste and texture of real meat.

Goldman Sachs, J.P. Morgan, Credit Suisse, Merrill Lynch, Pierce, Fenner & Smith, Jefferies and William Blair are underwriting the IPO.

WATCH: Beyond Meat taps investment banks for IPO