Beyond Meat priced its initial public offering at $25 a share, the company said on Wednesday.
That’s at the top end of the company’s expected range of between $23 and $25 per share, which was boosted from the originally set range of between $19 and $21 per share. The company is offering 9.625 million common shares, it said.
At its IPO price, Beyond holds an implied market valuation of $1.46 billion.
The company manufactures plant-based meat substitutes and plans to list on the NASDAQ Composite with the ticker "BYND."
In a previous filing with the U.S. Securities and Exchange Commission, Beyond said it plans to raise $183.8 million through its IPO and use the proceeds to invest in manufacturing facilities, research and development, and sales and marketing.
For 2018, Beyond reported revenue of $87.9 million and a net loss of $29.9 million.
Not that the stocks doesn’t have its doubters: a columnist for Forbes magazines calls BYND "a highly speculative investment," adding that the company’s market cap looks unrealistic based on its $88 million in annual revenue and mounting losses.
"On the flip side," the magazine argues, "the opportunity could be large, given the $1.4 trillion size of the global meat industry and the $22 billion market cap of major meat producer Tyson Foods.
"At the current price range," the magazine concludes, "the company plans to sell up to $240 million of shares with an expected market cap of ~$1.4 billion. At the midpoint of the IPO price range, BYND currently earns a very unattractive rating."
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