Impossible Foods is reportedly making preparations for a public listing that could send its market valuation to more than $10 billion.
Sources with knowledge in the matter said the plant-based artificial meat producer could go public within the next 12 months.
The company is currently trying to determine whether it would go with a traditional initial public offering or a merger with a special purpose acquisition company (SPAC) for its debut, according to sources cited in news reports.
During its last private funding round last year, the company was value at more than $4 billion.
Impossible Foods is reportedly reluctant to go public through a SPAC as it could dilute existing shareholders when compared to an IPO.
Sources said Impossible Foods has yet to make any concrete plans and current deliberations are still subject to market conditions. It is possible for the company to scrap the plans and instead go for another private funding round to raise capital.
According to Pitchbook, Impossible Foods has already raised more than $1.5 billion in the private market. The alternative meat manufacturer has attracted big-name investors, including venture capitalists such as Horizon Ventures and celebrities such as Jay-Z and tennis player Serena Williams.
Last year, the company reported retail sales of over $7 billion - a 27% year-on-year increase. Impossible Foods credits its increased sales to its partnerships with companies such as Disney and Burger King.
Over the past few years, Impossible Foods' products have become widely available. The company previously said its products - such as its artificial burger patties and sausages - are available in more than 20,000 stores worldwide.
Impossible Foods - founded in 2011 - officially released its signature Impossible Burger in July 2016. Apart from grocery stores such as Gelson's, Fairway Market, Wegman's, and Vons, the company's products are also now found in select menu items from restaurants and cafes such as Little Caesars and Starbucks.
