Extra large order: Beyond Meat hikes offering ahead of float
A vegan burger startup sent signs of confidence through Wall Street today after raising the price range and size of its initial public offering (IPO).
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In a move that could value the group at almost $1.5bn (£1.15bn), Beyond Meat is set to price its float between $23 and $25 per share, rising from $19 and $21 per share.
The hiked forecast gives Beyond Meat, a plant-based meat alternative company, a valuation of $1.49bn at the higher range, rising from an earlier maximum possible value of $1.2bn.
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The group also expects to offer 9.63m shares, marking an increase from its previous target of 8.75m shares.
Microsoft founder Bill Gates, entrepreneur Sir Richard Branson and actor Leonardo DiCaprio are among the high-profile investors that have put their weight behind Beyond Meat, which is one of many food startups to benefit from the growing appetite for meat substitutes in recent years.
Founded a decade ago, the Californian-based group posted a more-than-doubling of net revenue over the course of 2018 to $88m.