Plant-based protein company Beyond Meat files for IPO

(CNN) Plant-based protein company Beyond Meat has filed for a $100 million initial public offering, as vegan and meat alternative food products gain in popularity.

The California-based startup is the maker of vegan sausage, vegan chicken and its flagship product, the Beyond Burger, a 100% plant-based burger sold in grocery stores such as Whole Foods and Kroger and served in restaurants including TGI Fridays. The company claims the burger is "the closest thing to meat" that it has ever created.

In documents filed Friday, the company said it had applied to list its common stock on the Nasdaq under the symbol "BYND," with an initial offering size of $100 million.

The company says net revenue for the nine months ending September 29, 2018, was $56.4 million, a 167% increase from the same period a year earlier. Net losses through September 29, 2018, were $22.4 million.

"Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing and marketing initiatives," the company said in the filing.

The global market for meat substitutes is forecast to grow steadily, from an estimated $4.6 billion in 2018 to $6.4 billion by 2023, according to research firm MarketsandMarkets.

The expansion owes to rising health concerns, including obesity and diabetes, due to consumption of meat products, the research found.

Meat substitute companies, like Beyond Meat, Morningstar Farms and Impossible Foods, are benefiting from growing concern over animal welfare and the environmental impact of factory farming.

Beyond Meat was founded in 2009 and is backed by Bill Gates and Twitter co-founder Biz Stone. J.P Morgan, Goldman Sachs and Credit Suisse will lead the IPO.