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Beyond Meat prices IPO at $25 per share

Beyond Meat prices IPO at $25 per share

BUSINESS NEWS

Beyond Meat prices IPO at $25 per share

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Packages of Beyond Meat Inc. beef crumbles are displayed for a photograph in Tiskilwa, Illinois, U.S., on Tuesday, April 23, 2019.

Daniel Acker | Bloomberg | Getty Images

Beyond Meat priced its initial public offering at $25 a share, the company said on Wednesday.

That’s at the top end of the company’s expected range of between $23 and $25 per share, which was boosted from the originally set range of between $19 and $21 per share. The company is offering 9.625 million common shares, it said.

At its IPO price, Beyond holds an implied market valuation of $1.46 billion.

The company manufactures plant-based meat substitutes and plans to list on the Nasdaq with the ticker “BYND.”

In a previous filing with the Securities and Exchange Commission, Beyond said it plans to raise $183.8 million through its IPO and use the proceeds to invest in manufacturing facilities, research and development, and sales and marketing.

For 2018, Beyond reported revenue of $87.9 million and a net loss of $29.9 million.

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

WATCH: Beyond Meat burger is taking on the multibillion-dollar beef industry

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