Impossible Foods, best known for its plant-based meat analogues, is preparing for a public listing, according to sources that spoke for an exclusive report by Reuters. The public listing could value Impossible at more than $10 billion.
Those sources note that the company is exploring going public via either an initial public offering (IPO) “in the next 12 months” or through a merger with a special-purpose acquisition company (SPAC).
SPACs, also called blank-check companies, are a route to going public that involves less regulatory scrutiny than a traditional IPO. Going public via SPAC is a current “hot trend” on Wall Street, and an option becoming increasingly popular in the food world. AppHarvest made its public debut in February via SPAC, and AeroFarms, which just announced its plans to do the same.
Reuters’ sources also warned that Impossible’s public debut is subject to market conditions, and the company may change course and instead decide to do another round of private fundraising. To date, the company has raised $1.4 billion in funding, including a $200 million fundraise from August of last year.
Its chief rival, Beyond Meat, went public back in May 2019, becoming the first-ever plant-based meat maker to do so. Both companies are in high demand right now, as sales of plant-based proteins totaled $7 billion in 2020, with meat analogues being the leading category.
News of a potential public debut for Impossible comes the same week the company released its first ever national TV ad campaign, which is in part aimed at converting traditional meat eaters into devotees of Impossible’s plant-based wares.
The company has in the last 12 months opened a direct-to-consumer e-commerce store, increased its geographic reach to more than 20,000 locations, and slashed its prices, putting products a little more on par with traditional meat.
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