- Reports say California-based Impossible Foods plans for a public listing valuing the company at US$10 billion or more.
- Shares of rival Beyond Meat surged around 200 percent since its listing on NASDAQ in 2019.
- S. plant-based retail sales reportedly grew 27 percent year over year in 2020 to US$7 billion.
Plant-based burger maker Impossible Foods Inc. is reportedly planning to become public within one year at a valuation of US$10 billion or more.
Impossible Foods could either go for an initial public offering or chose to merge with a special purpose acquisition company to trade its shares.
The California-based company was founded in 2009. It makes meat and dairy products using plants. The company’s plant-based offerings include Impossible Burger, Impossible Sausage and Impossible Pork.
In August 2020, Impossible Foods raised US$200 million and said it secured US$1.5 billion since its founding.
Impossible Foods’ plant-based foods are available at restaurants and grocery stores across the U.S. and Asia, including Starbucks, Burger King, Red Robin, Qdoba, Hard Rock Cafe, Walmart and Kroger.
In 2020, U.S. plant-based retail sales reportedly totaled US$7 billion, up 27 percent from 2019.
The California-based alternative meat producer makes alternatives to traditional ground beef and sausage. Beyond Meat has a joint venture with PepsiCo named PLANeT Partnership, LLC to produce new plant-based snacks and drinks.
Beyond Meat became public in 2019 at a valuation of US$1.5 billion through an IPO. The shares started trading on NASDAQ at US$46 in May 2019.
The stock has jumped close to 200 percent since listing. Beyond Meat ended trading on Friday, April 16, 2021, at US$137.31.
Beyond Meat shares touched a 52-week high of US$221 in January, while it hit a 52-week low of US$75.33 in April 2020.
Source: Refinitiv, Beyond Meat share price since IPO
During the year ended Dec. 31, Beyond Meat’s net revenue jumped 36.6 percent year over year to US$406.8 million.
Beyond Meat’s products are offered at approximately 122,000 retail and foodservice outlets in 80 countries.