Impossible Foods Prepares To Go Public At Around $10B Valuation: Report

Plant-based food maker and Beyond Meat Inc BYND rival Impossible Foods Inc is planning to go public in 2022, according to Reuters.  

What Happened: The maker of faux-meat is exploring options to go public via a special purpose acquisition company (SPAC) deal, or a merger with a blank-check company, which could value the company at around $10 billion, according to the report.

Impossible was last valued at $4 billion in a $200 million private funding round in August last year.

Launched in 2011, the company makes and sells its meat-free burgers and sausages. Impossible then CFO David Lee told Bloomberg at the time of the last funding that it had no immediate announcements on plans to go public but wouldn't forego any "strategic options."

See Also: Why Beyond Meat Doesn't Have To Worry About Competition — Analyst Spells Out Bull Case

Why It Matters: Restaurants and fast-food chains across the world are rushing to cater to the new alternative protein trend, considered by some as a healthier option to a meat-based diet. Adoption in the United States and Europe is picking pace. Demand from China, the world’s top pork consumer, is expected to follow a rise as its focus on food security after the COVID-19 outbreak becomes stringent.

Starbucks Corp. SBUX, which has partnerships with both Impossible and Beyond Meat, is seeing more demand for its plant-based drinks made with Oatly Oat Milk than it can meet, CNN reported Wednesday.

Price Action: Shares of rival Beyond Meat, which have more than doubled since it went public in 2019, closed 3.52% higher at $134.87 on Thursday.

Photo: Courtesy of Impossible Foods