New York (CNN Business) Beyond Meat is planning an initial public offering that would value the company at about $1.2 billion.
The 10-year-old company — which sells protein that is designed to look, taste and cook like beef, pork and poultry — plans to price its shares between $19 and $21 when it goes public. If it sells each share for $21, the company could raise $184 million.
That’s more than the company planned when it filed for an IPO in November. At the time, it targeted an initial offering size of $100 million. The company shared more details of its plan Monday in a filing with the Securities and Exchange Commission.
Beyond Meat plans to start trading in early May.
There’s public interest in plant-based protein because of concerns about animal welfare and the environmental impact of factory farming. Beyond Meat and competitor Impossible Foods, along with the fast food chains they partner with, see the trend as a huge opportunity for growth.
Beyond Meat projects that over time, the plant-based meat market could reach $35 billion in the United States.
That’s an ambitious target. The global market for meat substitutes is forecast to grow from an estimated $4.6 billion in 2018 to $6.4 billion by 2023, according to research firm MarketsandMarkets.
Beyond Meat has benefited from the the plant-based meat substitute trend.
In its filing, Beyond Meat reported that its net revenue has grown from $16.2 million in 2016 to $87.9 million last year. Today, customers can buy Beyond Meat protein in stores, or eat items made with Beyond Meat proteins at some fast food chains, such as Carl’s Jr.
Beyond Meat also lost $29.9 million last year, which it attributed to investments in “innovation and growth of our business.” The company added that it expects to continue investing in innovation, supply chain capabilities, manufacturing and marketing.
As Beyond Meat moves closer to an IPO, Impossible Foods is exploring important partnerships.
Earlier this month, Burger King started testing out an Impossible Whopper — a vegetarian version of the Whopper that uses protein provided by Impossible Foods. The Impossible Whopper could encourage people to eat at Burger King more often, even on days when they’re avoiding meat. It could also bring more vegetarians into the fold, Burger King said.