Beyond Meat Ups IPO, Aims for $1.5 Billion Valuation

(Bloomberg) -- Beyond Meat Inc. has upped the price range and size of its initial public offering and is now seeking to raise as much as $241 million.

The maker of vegan chicken and beef substitutes plans to sell about 9.63 million shares for $23 to $25 each, according to an updated filing Tuesday with the U.S. Securities and Exchange Commission. The El Segundo, California-based company would be valued at about $1.5 billion if it sold shares at the top of that range, the filing shows.

The offering is scheduled to price after the market close on Wednesday.

Beyond Meat announced plans April 22 to raise as much as $184 million selling 8.75 million shares for $19 to $21 each. The company would have had a market value of about $1.2 billion selling shares at the top of that range.

The offering is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Credit Suisse Group AG. Beyond Meat, which is backed by Microsoft Corp. co-founder Bill Gates and actor Leonardo Dicaprio, has applied to list on the Nasdaq Global Market under the symbol BYND.

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