SINGAPORE (May 6): On May 2, the maker of what is essentially fake meat raised US$241 million ($328.36 million) in an IPO on Nasdaq. California-based Beyond Meat sold 9.63 million shares at US$25 each, the top of the pricing range. The listing gives the 10-year-old company an implied value of about US$1.46 billion, or 16.6 times its 2018 revenue of US$87.9 million. It had been making losses of around US$30 million for both 2017 and 2018.

Beyond Meat makes burger patties, sausages and minced meat from plant proteins, such as those from peas, and promises the satisfaction of the real deal. It has a line-up of athlete “ambassadors” — including ­professional American footballer Derrick Morgan and Houston Rockets basketballer Chris Paul.

According to Crunchbase, prior to the IPO, Beyond Meat had already raised US$122 million in seven rounds of funding, and its backers include Silicon Valley venture capital firm Kleiner Perkins, Microsoft founder Bill Gates and actor Leonardo DiCaprio. And as the market eats up Beyond Meat’s shares, these investors, as well as the company’s founder and CEO Ethan Brown, are set to become even richer.

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