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Summary
- Investors seem curious about Impossible Foods' initial public offering following the news of a new chief financial officer.
- In April, there were speculations that the California-based vegan food maker was looking to go public.
- Established in 2011, Impossible Foods could be valued at US$ 10 billion if the IPO happens.
Vegan meat manufacturer Impossible Foods has created quite a buzz after it announced the appointment of its new chief financial officer, David Borecky.
The announcement seems to have triggered investor curiosity regarding the company's initial public offering (IPO) plans as rumours suggest that the new CFO appointment could be related to a potential stock market listing.
Mr Borecky has previously worked at fintech enterprise Stripe as well as Square Inc. He had played an important role when Square decided to go public in 2015. As he was serving as the interim finance chief at Impossible Foods, the rise in ranks has left people speculating that Mr Borecky will lead its IPO process.
In April, reports surfaced that the vegan food maker was looking to go public. The company was reportedly in touch with a financial adviser to plan the merger with a special purpose acquisition company (SPAC). However, it seems that the plan didn't materialise.
Established in 2011, Impossible Foods could be valued at US$ 10 billion if the IPO happens. It is backed by big companies like Microsoft (NASDAQ:MSFT), Google Ventures and UBS Group (SWX:UB
Impossible Foods, thanks to the increasing popularity of plant-based products, has reportedly raised some US$ 1.5 billion in funding till date. Of this, US$ 700 million was raised during Mr Borecky’s tenure as the head of the company's accounting, tax, and financial operations.
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Impossible Foods IPO plans
If Impossible Foods becomes a publicly-traded company, investors will likely have an option of buying its pre-IPO shares through brokerage companies and individual stockbrokers. Investors often explore pre-IPO options as shares can debut at an increased value. However, it is not always necessary that pre-IPO shares will reap benefits.
The plant-based food industry is becoming popular as people are opting to become vegan amid increased demands for animal rights. Reports by the Good Food Institute and the Plant-Based Foods Association (PBFA) have noted that plant-based retail sales amounted to US$ 7 billion in 2020, which was an increase of 27 per cent year-over-year (YoY).
A Research and Markets report, on the other hand, suggests that the plant-based food industry is expected to register a compound annual growth rate of 11.9 per cent between 2020 to 2027.
