Beyond Meat, the plant-based meat substitute company preparing to float later this week, has raised the size and price range of its offering, giving it a potential valuation of $1.5 billion. The California-based group, which counts Bill Gates among its backers, said it would sell 9.6 million shares at $23 to $25 a share, raising up to $240 million in its initial public offering… Beyond Meat’s flotation comes as interest in plant-based meat substitutes is increasing. Many consumers in developed markets are opting to eat less meat or becoming vegan or vegetarian, citing environmental and health concerns. A new generation of products are going beyond previous vegetarian options, mimicking the taste, texture and smell of real meat. Rather than mushing vegetables together, Beyond Meat analysed the molecular structure of meat and recreated it using amino acids, lipids, minerals and vitamins extracted from plants. Beyond Meat’s burger, which accounted for 70 per cent of its revenue last year, is made primarily out of yellow peas and uses beet juice to mimic the “bleeding” of a meat burger. The company’s portfolio also includes plant-based substitutes for sausage and chicken… Beyond Meat plans to use the proceeds from its IPO to invest in new manufacturing facilities and R&D, stepping up competition with rival Impossible Foods...

Emiko Terazono and Nicole Bullock