Impossible Foods Inc. is prepping for an initial public offering that could value the maker of plant-based burgers at about $10 billion within the next year.
The Silicon Valley-based company, which just launched its first national TV ad campaign, is chewing over going public either through a traditional IPO or a so-called special purpose acquisition company (SPAC), according to a Reuters report Thursday, citing unnamed people familiar with the matter.
A $10 billion IPO would substantially dwarf the $4 billion the company was worth in a private funding round in 2020. Impossible Foods’ backers — which include venture capital investors Khosla Ventures and Horizons Ventures, and celebrities Serena Williams and Jay-Z — has raised $1.5 billion in the private market.
Impossible Foods declined comment.
The company has been in a fierce duel with rival Beyond Meat Inc.
BYND,
+3.52%,
striking partnerships with major retailers and grocery stores, as well as product development efforts with the likes of McDonald’s Corp.
MCD,
-1.01%
and Restaurant Brands International Inc.
QSR,
-0.26%
amid the changing eating habits of consumers and environmental concerns over the beef industry.
![#Kevin Durant traded to Phoenix Suns in blockbuster move [Video]](https://s.yimg.com/ny/api/res/1.2/memWoVSX15fMExF_.4o7WQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD04MDA-/https://media.zenfs.com/en/aol_yahoo_sports_800/67e7d0f84e2580735cdfccac532c54e8)
