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Exclusive: Impossible Foods in talks to list on the stock market – sources By Reuters

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© Reuters. FILE PHOTO: Impossible Foods plant-primarily based beef merchandise are seen at the meat part of a sequence grocery store in Hong Kong

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By Anirban Sen and Joshua Franklin

(Reuters) – Impossible Foods Inc is getting ready for a public itemizing which might worth the U.S. plant-primarily based burger maker at round $10 billion or extra, in accordance to folks accustomed to the matter.

This could be considerably greater than the $4 billion the firm was value in a personal funding spherical in 2020. It would spotlight rising demand for plant-primarily based meat merchandise, pushed by environmental and moral considerations amongst customers.

Impossible Foods is exploring going public via an preliminary public providing (IPO) in the subsequent 12 months or a merger with a so-known as particular function acquisition firm (SPAC), the sources stated.

The Redwood (NYSE:) City, California-based firm has labored with a monetary adviser to assist handle discussions with SPACs after receiving affords at a profitable valuation, the sources stated. Going public via a SPAC might dilute current Impossible Foods shareholders, nevertheless, by a higher extent than an IPO, the sources added.

A SPAC is a shell firm that raises funds in an IPO with the intention of buying a personal firm. For the firm being acquired, the merger is an alternate approach to go public over an IPO.

Merging with a SPAC has emerged as a well-liked IPO various for corporations searching for to go public with much less regulatory scrutiny and extra certainty over the valuation that will probably be attained and funds that will probably be raised.

The sources, who requested as a result of the discussions are non-public, cautioned that the deliberations are topic to market circumstances and the firm might decide to pursue one other non-public fundraising spherical.

A spokeswoman for Impossible Foods declined to remark.

Impossible Foods, whose backers embody enterprise capital traders Khosla Ventures and Horizons Ventures, in addition to celebrities like tennis star Serena Williams (NYSE:) and rapper Jay-Z, has thus far raised $1.5 billion in the non-public market, in accordance to PitchBook knowledge.

In 2020, U.S. plant-primarily based retail gross sales hit $7 billion, up 27% 12 months on 12 months, in accordance to a report by the Good Food Institute and the Plant-Based Foods Association (PBFA).

Founded in 2011, Impossible Foods sells its meat-free burgers and sausages in grocery shops and in addition has partnerships with the likes of Burger King and Disney.

The variety of places the place Impossible Foods’ burgers are bought has elevated in the previous 12 months to greater than 20,000 from 150 shops, the firm has stated.

Shares of rival Beyond Meat (NASDAQ:) Inc are buying and selling greater than 400% above its IPO value from 2019.

Impossible Foods Chief Financial Officer David Lee stepped down earlier this 12 months to be a part of indoor farm builder AppHarvest, with David Borecky at the moment serving as the firm’s interim CFO.

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