Impossible Foods Inc. is preparing for an initial public offering that could value the vegetable burger maker at about $ 10 billion next year.
The Silicon Valley-based company, which has just launched its first national TV advertising campaign, is chewing on advertising, either through a traditional IPO or a so-called special-purpose procurement company (SPAC), according to a Reuters report. Thursday, citing unnamed people. familiar with the problem.
A $ 10 billion IPO would substantially decrease the $ 4 billion the company was worth in a round of private financing in 2020. Impossible Foods supporters – which include venture capital investors Khosla Ventures and Horizons Ventures, such as and stars Serena Williams and Jay-Z – raised $ 1.5 billion in the private market.
Impossible Foods declined to comment.
The company was in a fierce duel with rival Beyond Meat Inc. BYND,
striking partnerships with major retailers and grocery stores, as well as product development efforts such as McDonald’s Corp. MCD,
and Restaurant Brands International Inc. QSR,
amid changing consumer eating habits and environmental concerns related to the beef industry.