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Plant-based protein maker Beyond Meat files for IPO

Nov. 16, 2018 6:06 PM ETHormel Foods Corporation (HRL) StockHRL, TSN, JBSAY, IMPFBy: Jason Aycock, SA News Editor128 Comments
  • Beyond Meat -- the company known for success making plant-based "meats," like vegan burgers -- has filed for its initial public offering.
  • The company lists a placeholder registration amount of $100M in a filing it's making through Goldman Sachs, J.P. Morgan, Credit Suisse, BofA Merrill Lynch, Jefferies and William Blair.
  • It's looking to list on Nasdaq Global Market under the symbol BYND.
  • For the nine months ended Sept. 29, the company says net revenues were $56.4M (up 167%); gross profit was $9.7M vs. a year-ago loss of $3.1M; and net loss was slightly narrower, at $22.43M vs. a year-ago loss of $23.38M. It has cash and equivalents of $49.78M.
  • The company competes with conventional animal-protein companies like Cargill, Hormel (NYSE:HRL), JBS, Tyson (NYSE:TSN) and WH Group, as well as other plant-based protein makers like Boca Foods, Field Roast Grain Meat, Gardein, Impossible Foods, Lightlife, Morningstar Farms and Tofurky.

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