Investment banking companies J.P. Morgan, Credit Suisse and Goldman Sachs have been hired by meat-alternative company Beyond Meat to lead and initial public offering (IPO), according to media outlet CNBC market.
If the move is successful, Beyond Meat will be the first vegan company to sell shares on the public stock market.
Beyond Meat is a California-based company which produces plant-based food, and saw great success after its flagship product, the Beyond Burger.
The company, founded in 2009 by Ethan Brown, sells 32,000 products across to grocery stores in the US, and earlier in April, Eater magazine called the burger “one of the country’s best fast-food burgers, period.”
Last year, Brown was honoured by the United Nations with a Champion of the Earth award, as he has created a sustainable alternative to beef.
The brand has plans to expand to Asia and throughout Europe, although it is currently available in Tesco stores.
Many celebrities are backing the company with financial support, such as Leonardo DiCaprio and Bill Gates, and the plant-based sector saw a 22 per cent rise last year alone. This increase is expected to continue to grow.