Beyond Meat lifts share price, value nearly $1.5 billion

Beyond Meat has lifted its share price range ahead of its US flotation, valuing the plant-based meat-maker at nearly $1.5bn (£1.1bn).

The US firm, which counts actor and environmentalist Leonardo DiCaprio among its investors, will now offer its shares at between $23 and $25.

As per the available information, the decision to increase the price from the original range of $19 and $21 indicates strong demand for the shares.

But Beyond Meat is loss-making and does not know when it will report a profit.

For its most recent financial results for 2018, Beyond Meat said losses hit $29.9m, slightly below the previous year but above a $25.1m loss in 2016.

Beyond Meat said it has reported losses since it was founded in 2009 due to its investment in “innovation and growth”.

In its flotation document filed with the US Securities and Exchange Commission (SEC), it said: “We may be unable to achieve or sustain profitability.

“We have experienced net losses in each year since our inception and we may therefore not be able to achieve or sustain profitability in the future.”