UNDATED (AP)- Beyond Meat is expected to make its debut on the Nasdaq stock exchange Thursday.
It’s the first time a manufacturer of plant-based meat is going public.
California-based Beyond Meat makes burgers and sausages out of pea protein and other ingredients. It raised about $240 million selling 9.6 million shares at $25 per share. That values the company at about $1.5 billion.
The 10-year-old company has attracted celebrity investors like Microsoft co-founder Bill Gates and actor Leonardo DiCaprio. It sells to 30,000 grocery stores, restaurants and schools in the U.S. and abroad.
But the company has never made a profit. It’s also facing serious competition from other “new meat” companies like Impossible Foods and traditional players like Tyson Foods.
