Reuters reports that Impossible Foods Inc is preparing for a public listing which could value the US plant-based burger maker at around $10 billion or more, according to people familiar with the matter.
This would be substantially more than the $4 billion the company was worth in a private funding round in 2020. It would highlight growing demand for plant-based meat products, driven by environmental and ethical concerns among consumers.
Impossible Foods is exploring going public through an initial public offering (IPO) in the next 12 months or a merger with a so-called special purpose acquisition company (SPAC), the sources said.
Impossible Foods, whose backers include venture capital investors Khosla Ventures and Horizons Ventures, as well as celebrities like tennis star Serena Williams and rapper Jay-Z, has so far raised $1.5 billion in the private market, according to PitchBook data.
In 2020, U.S. plant-based retail sales hit $7 billion, up 27% year on year, according to a report by the Good Food Institute and the Plant-Based Foods Association (PBFA).