The company plans to launch an IPO in May.
Plant-based fake meat startup Beyond Meat has announced plans to go public sometime in early May, according to CNN. And based on the company’s plans, the public offering will likely value Beyond Meats at an impressive $1.2 billion.
That’s an extraordinary upswing — in addition to selling its increasingly-trendy meat alternative on grocery store shelves, the company recently partnered with both Carl’s Jr. and Del Taco, which could explain how the company is headed toward a coveted “unicorn” valuation.
Beyond Meat may be getting ahead of itself, though. Meat alternatives are increasingly popular and provide people concerned about animal welfare and the environmental toll of raising livestock with an alternative to eating meat.
The company claims that the American plant-based meat market will hit $35 billion “over time,” which may be as unrealistic as it is vague. CNN reports that the market is expected to only reach $6.4 billion — still an impressive feat — by 2023. Beyond Meat may not be offering the most realistic projection as it plans to go public — but given the company’s recent success, we’ll let them have this one.
READ MORE: Beyond Meat’s IPO plans give it a $1.2 billion valuation [CNN Business]
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