Beyond Meat, which makes plant-based meat products for groceries and restaurants, raised the proposed deal size for its upcoming IPO on Tuesday.
The El Segundo, CA-based company now plans to raise up to $241 million by offering 9.6 million shares at a price range of $23 to $25. The company had previously filed to offer 8.75 million shares at a range of $19 to $21. At the high end of the revised range, Beyond Meat will raise 37% more in proceeds than previously anticipated and command a fully diluted market value of $1.6 billion.
Beyond Meat was founded in 2009 and booked $88 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol BYND. Goldman Sachs, J.P. Morgan and Credit Suisse are the joint bookrunners on the deal. It is expected to price later this week.
