Vegan burger maker Beyond Meat Inc, which counts Microsoft founder Bill Gates and actor Leonardo DiCaprio among its investors, on Wednesday priced its initial public stock offering at $25 per share, the top of its anticipated range in a reflection of brisk investor demand.
At this price, Beyond Meat raised around $240 million at a $1.5 billion valuation, including underwriters' options.
Plant-based meat substitutes have been gaining popularity as more attention is focused on the environmental hazards of industrial ranching.
The Los Angeles-based company in early January announced it was rolling out its plant-based burger at fast-food chain Carl's Jr. The company starts trading on the Nasdaq on Thursday with the symbol.
The company had raised its price target range from $19 to $21 a share on Tuesday to $23 to $25, suggesting strong investor demand. It also increased the number of shares it was offering by 10 per cent.
Tyson Foods Inc, the no. 1 US meat processor, owned a 6.5 per cent stake in Beyond Meat but last week sold its investment in the company since it decided to develop its own line of alternative protein products.
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