Beyond Meat Inc. announced April 22 the launch of its initial public offering (IPO) of 8,750,000 shares of common stock. The IPO price is expected to be between $19.00 and $21.00 per share, before underwriting discounts and commissions.
In addition, the company expects to grant the underwriters a 30-day option to purchase up to an additional 1.3125 million shares of common stock at the IPO price, less underwriting discounts and commissions. Beyond Meat’s existing stockholders will not sell any shares in the offering.
Beyond Meat has applied to list shares on the Nasdaq Global Market under the symbol "BYND.”
Beyond Meat expects to receive gross proceeds of approximately $175.0 million from the offering, or $201.3 million if the underwriters exercise their option in full, assuming that the shares price at the midpoint of the offering range. The company intends to use the gross proceeds from the IPO to invest in current and additional manufacturing facilities and expand research and development and sales and marketing capabilities as well as for working capital and general corporate purposes and to pay fees and expenses in connection with the offering.
Goldman Sachs & Co. LLC, J.P. Morgan and Credit Suisse are serving as lead book-running managers for the IPO. BofA Merrill Lynch and Jefferies are also acting as book-running managers, and William Blair is acting as co-manager for the offering.
The offering is being made only by means of a prospectus.
A registration statement relating to these securities has been filed with the Securities & Exchange Commission but has not yet become effective, the company said, adding that the securities may not be sold, nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective.