Beyond Meat, the maker of vegan chicken and beef substitutes backed by some of the biggest names in food and technology, is seeking to raise as much as $US184 million in its initial public offering.The company plans to sell 8.75 million shares for $US19 to $US21 each, according to a filing Monday with the US Securities and Exchange Commission. A listing at the top of that range would give the company a market value of about $US1.
Tyson Foods, the largest US meat producer, is accelerating development of its own alternative-protein products and is also a backer of Beyond Meat. Tyson has invested in Jerusalem-based Future Meat Technologies and, along with Gates, Richard Branson and Cargill, is an investor in Memphis Meats, a cultured meat producer.Four-fifths of respondents in a Cargill survey said they were interested in plant-based or alternative sources of protein.
Will it be a food company that addresses global food insecurity and malnutrition? Otherwise they're blowing smoke up our arseholes.
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