- Beyond Meat, the vegan protein company backed by Kleiner Perkins, set a price range on Monday for its long-awaited IPO.
- Beyond Meat set a range of $19 to $21, which at the high end would value the company at $1.2 billion.
- Beyond Meat first filed its public S-1 back in November, but postponed its public listing following major market volatility.
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Beyond Meat, the venture capital-backed vegetarian food company with investors including Kleiner Perkins, is moving forward with its IPO, months after its plans got derailed by market volatility.
In an updated filing on Monday, Beyond Meat set a price range of $19 to $21 for its IPO, which is expected to take place in early May. The company will list on the Nasdaq under the ticker symbol "BYND."
At the top of that price range, the company would go public with a valuation of $1.2 billion.
Beyond Meat first filed to go public on November 16, though it postponed its listing due to market volatility at the end of 2018. The delay was extended after the government shutdown in January closed the Security and Exchange Commission, putting all IPO activity on pause.
Though Beyond Meat is technically a food company, it has many of the markings of a tech company. For one, Ned Segal, chief financial officer at Twitter, is on its board.
The Beyond Meat IPO will be a major exit for Silicon Valley venture capital firm Kleiner Perkins, which owns nearly 16 percent of the company. Beyond Meat is also backed by Obvious Ventures, as well as Tyson New Ventures, the non-vegan meat producer Tyson's VC arm.
Beyond Meat is growing at high multiples. The company generated $88 million in revenue in 2018, up 170 percent from $32.6 million in 2017, according to its S-1 filing.
In 2018, the company was profitable, showing $17.5 million in profit, up from losses of $2 million in 2017.