Orrick has advised Los Angeles-based producer of plant-based meat Beyond Meat (NASDAQ: BYND) on a $598 million follow-on offering of 3,737,500 shares of common stock at $160 per share just 90 days after Beyond Meat’s initial public offering of shares at a price of $25 per share, a 640% increase. Of the shares that were offered, 250,000 were offered by Beyond Meat and the remaining 3,487,500 shares were offered by existing stockholders, including 487,500 shares sold by existing stockholders under an option granted to the underwriters. Beyond Meat received $38.5 million in net proceeds from the sale of shares offered by the company.
Goldman Sachs & Co. LLC, J.P. Morgan and Credit Suisse acted as lead book-running managers for the offering. BofA Merrill Lynch and Jefferies also acted as book-running managers, and William Blair and Raymond James acted as co-managers for the offering.
Earlier this year, Orrick advised Beyond Meat on its IPO on the Nasdaq Global Select Market. The Orrick team advising Beyond Meat on its follow-on offering included Harold Yu, Christopher Austin, Bill Hughes, Lynne Hirata, Christine McCarthy, Jason Flaherty, J.T. Ho, Melissa Frayer, Katherine Hogan, Kevin Kearney, Jevon Potts, Kelly Mink, Mark Nguyen, Nanette Agustines and Stephen Constance.