Beyond Meat prices IPO at $25 per share: Source
Packages of Beyond Meat Inc. beef crumbles are displayed for a photograph in Tiskilwa, Illinois, U.S., on Tuesday, April 23, 2019.
Daniel Acker | Bloomberg | Getty Images
Beyond Meat priced its initial public offering at $25 a share, a source familiar with the matter tells CNBC.
That’s above the company’s original expected range between $19 and $21 per share. The high end of the previous range would have valued the company as high as $1.21 billion.
The company manufactures plant-based meat substitutes and plans to list on the Nasdaq with the ticker “BYND.”
In a previous filing with the 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.
Goldman Sachs, J.P. Morgan, Credit Suisse, Merrill Lynch, Pierce, Fenner & Smith, Jefferies and William Blair are underwriting the IPO.