Beyond Meat CEO Ethan Brown speaks before ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.
Drew Angerer | Getty Images
Beyond Meat surged more than 125% in its debut on the Nasdaq Thursday.
The company’s opening trade was $46.00 per share. On Wednesday night, Beyond priced its initial public offering at $25 per share, for an implied market value of $1.46 billion.
Its IPO price is on the high end of its expected range of $23 and $25 per share. The El Segunda, California-based company first set the range between $19 to $21 a share.
As more Americans embrace a flexitarian diet, cutting down their meat consumption for health and environmental reasons, plant-based meat substitutes are growing in popularity. Beyond’s meat alternatives, which range from fake ground beef to burger patties, are designed to more closely mimic the texture and taste of traditional meat. Its products can be found at grocery stores, as well as restaurants like TGI Fridays, Del Taco and White Castle.
In 2018, Beyond reported revenue of $87.9 million, up 170% from the previous year’s net sales of $32.6 million. The company plans to use the proceeds from going public to invest in manufacturing facilities, research and development, and sales and marketing.
Beyond is the latest company to make its debut on the stock market this year. While some, like Levi Strauss & Co. and Zoom, have thrived since their IPOs, others — such as ride-share giant Lyft — have seen their stock tumble.
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