Plant-based meat maker Beyond Meat (BYND) got off to a sizzling start, opening at $46 in its trading debut Thursday, 84% above its initial offering price.
At last check, the stock was soaring 145% to $61.26.
Beyond Meat’s initial public offering was priced at $25 a share, the top end of the expected range of between $23 and $25, which valued the company at just under $1.5 billion. At its $46 opening price, the company’s market cap stood at roughly $2.8 billion.
The company sold 9.625 million shares in the offering, raising more than $240 million. The company originally had planned to sell 8.75 million shares at $19 to $21 a share.
Beyond Meat filed its initial IPO prospectus with the Securities and Exchange Commission at the end of March. The company’s products, including burger patties, sausages and chicken strips, are also available in retail stores such as Whole Foods.
It’s a vibe ��
Full recipe to this Spring #BeyondBurger here ➡️ https://t.co/ZRxUkgkc0e pic.twitter.com/xgJb03YRWg
— Beyond Meat (@BeyondMeat) May 1, 2019
Investors in Beyond Meat include actor Leonardo DiCaprio and Bill Gates, the founder of Microsoft.
Restaurant chains including Burger King and A&W also recently introduced plant-based meat alternatives to their lineup of menu offerings.
