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Beyond the meat, stocks skyrocketed on Thursday in the highest-performing IPO of a large US company for nearly two decades.
The shares of the plant-based meat maker – whose IPO price was $ 25 per share Wednesday night – began trading at $ 46 per share shortly after noon on the Nasdaq, reaching $ 65.75 at the end of the session, a gain of 163%. Prices reached nearly $ 73 per share at their intraday peak. Shares rose 4% after normal hours.
According to Dealogic, this was the brightest IPO for a US company with a market capitalization of at least $ 200 million since 2000. That's when Palm Inc. made its debuted in March 2000, at the height of the Internet bubble boom. The last comparable wave in the US markets came in December 2010, when the Chinese Internet company Youku.com grew nearly 115% in its debut on the New York Stock Exchange.
Beyond the meat
BYND, + 163.00%
Market capitalization rose from about $ 1.5 billion Wednesday night to about $ 3.8 billion on Thursday afternoon.
The company sold 9.5 million shares during the IPO, raising at least $ 240 million. Proceeds from the transaction will be used to expand existing manufacturing facilities and open new ones, to fund research and development, and to stimulate sales and marketing, as well as "corporate goals", according to its prospectus.
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Beyond Meat was founded by vegan chef Ethan Brown in 2009, and his Beyond Burger is sold at Whole Foods and the TGIF restaurant chain, among others.
Although the company has never made a profit, it expects the alternative meat category to become a multi-billion dollar market and take a significant share of the global meat market, which Raises to 1 400 billion dollars.
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