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Highlights
- Eat Just makes plant-based alternatives for eggs, and it was established in 2011.
- Eat Just started a meat division in 2017, known as the GOOD Meat division.
- According to published reports, Eat Just could seek a valuation of US$ 3 billion.
The California-based plant-based food company Eat Just, Inc. received approval from the Singapore Food Agency on Monday, December 20, to sell cultivated chicken food products in 2022.
Eat Just is a subsidiary of Cult Food Science Corp., an investment platform that focuses on developing a sustainable solution for aquaculture and factory farming.
The company makes plant-based alternatives for eggs, and Eat Just was established in 2011, and it reportedly achieved a valuation of US$ 1 billion in 2016.
Eat Just started a meat division in 2017, known as the GOOD Meat division. This subsidiary is responsible for developing meat products via a single cell and doesn't require the slaughtering of animals.
The company uses innovative technologies to make products that have a lower risk of food-borne illness.
Also Read: 2 Canadian plant-based stocks to buy in 2021
After the big announcement on December 20, stock market traders started looking for Eat Just stock. However, there isn't any stock available at the moment.
Does Eat Just have an IPO plan?
There's no official announcement from the company about its initial public offering (IPO) plans. However, it was reported in June this year that the company was looking to go public in the fourth quarter of this year or early next year.
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According to published reports, Eat Just could seek a valuation of US$ 3 billion. However, this amount will likely increase in future if the company opts for an IPO.
As of June 2021, Eat Just raised US$ 440 million in funding, and its investors include Vulcan Capital and Qatar Investment Authority.
The company remains private and Eat Just is yet to begin trading in a stock market. However, interested investors can buy the pre-IPO stock of the company.
According to Linqto, a private equity investment company, investors have an option of buying the pre-IPO stock of Eat Just at US$ 24 per share.
“Linqto's members are investing in the stock by buying units of an SPV (special purpose vehicle). Until there's a liquidity event and the SPV's underlying shareholding is distributed, Linqto’s members don't own the stock directly; they own the SPV.”
Bottom line
Companies involved in developing and distributing plant-based products seem to have high growth potential as these products are becoming popular worldwide.
According to a Research and Markets report, the plant-based food industry could register a compound annual growth rate of 11.9 per cent by 2027 and reach US$ 74.2 billion.
Also Read: Impossible Foods IPO: How to buy the vegan company’s stock?
