NEW YORK, May 2 — Vegan burger maker Beyond Meat Inc, which counts Microsoft founder Bill Gates and actor Leonardo DiCaprio among its investors, yesterday priced its initial public stock offering at US$25 (RM103.31) per share, the top of its anticipated range in a reflection of brisk investor demand.

At this price, Beyond Meat raised around US$240 million at a US$1.5 billion valuation, including underwriters' options.

Plant-based meat substitutes have been gaining popularity as more attention is focused on the environmental hazards of industrial ranching.

The Los Angeles-based company in early January announced it was rolling out its plant-based burger at fast-food chain Carl's Jr. The company starts trading on the Nasdaq today.

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The company had raised its price target range from US$19 to US$21 a share on Tuesday to US$23 to US$25, suggesting strong investor demand. It also increased the number of shares it was offering by 10 per cent.

Tyson Foods Inc, the No. 1 US meat processor, owned a 6.5 per cent stake in Beyond Meat but last week sold its investment in the company since it decided to develop its own line of alternative protein products. — Reuters