Vegan burger and meat alternative brand Beyond Meat Inc announced on Wednesday that they’ll be changing their initial public stock offering from $19 to $21 per share to $23 to $25 per share. This, they said, is a reflection of the increased demand of the stock among investors.
The change would value the company at $1.5 billion and would raise around $240 million. The company will have 9.5 million shares up for grabs which again is a change from their original 8.75 million share figure.
The Los Angeles based company announced in January that they were rolling out their plant-based burger to Carl’s Jr, a fast food chain, and the burger itself is quite popular among customers.
Veganism, as I’m sure you’ve noticed, is on the rise with people becoming more concerned about their health, environment and industrial farming practices. I don’t want to get into any debate but this is the reason why companies developing meat substitutes are getting so much attention. Beyond Meat for example has investors like Bill gates and Leonardo DiCaprio backing their venture.
They even had Tyson Foods Inc, the top U.S. meat processor, on board and they owned a 6.5% stake in the business. Last week, however, Tyson Foods sold their stake in the company as they decided that they wanted to focus their energies on their own alternative meat brand of products.
As mentioned before veganism and vegetarianism is on the rise and has gained a huge amount of traction making this kind of industry flourish. The potential is huge and it’s not just the animal loving folk that this can appeal to either. These burgers are said to have far less calories than the conventional burger which means that they can be marketed as a healthier option for those who need one. Beyond Meat is just one of the companies who are getting the ball rolling.
Beyond Meat will be going public on Thursday on the Nasdaq under the ticket ‘BYND’.