The Very Good Food (VGF) Company Inc., a Canada-based plant-based meat company, has reportedly announced that it has successfully completed its IPO (Initial Public Offering).
The Canadian brand has developed a line of its plant-based meat alternatives as well as other food alternatives. These food products are then distributed through its retail location, Butcher Shop, grocery stores in Canada, and e-Commerce subscription box.
The company has previously issued its 16,100,000 common shares at the rate of $0.25 per share to obtain the gross proceeds of $4,025,000. These common shares were listed on the CSE (Canadian Securities Exchange) on 16th June. It has started trading recently under the symbol, ‘VERY’.
As per the reported statement made by Mitchell Scott, chief executive officer of VERY, the recent initial public offering announced by VGF is its critical milestone, as it significantly enables the company to serve its vision of becoming a global food technology leader by using the capital obtained from the Initial Public Offering. Additionally, this IPO will allow the company to create healthier food alternatives to the existing menu available for its customers.
Mr. Scott further added that the company has various business growth strategies, including its aim to rapidly scale the operations, establish a leadership position in the market, and reinvest continuously to create high-quality, innovative plant-based products.
The plant-based meat alternatives provider has reportedly stated that it is planning to use the net proceeds from the recent IPO to rapidly scale the expansion plan as well as invest in research & development activities for new product options to hold a considerable share in the market.
VGF is following in the steps of Beyond Meat to become the second plant-based company to be publicly traded & owned. Beyond Meat had gone public by issuing its IPO in 2019.