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BEYOND MEAT
Beyond Meat's burgers' vegan veils skyrocketed on their Wall Street debut, with investors betting on the growing popularity of plant-based foods.
Only minutes after the start of trading, the stock price exceeded $ 50, double the original price of $ 25, as trading was temporarily halted due to volatility.
The share price pushed the market value of Beyond Meat to more than $ 3 billion (£ 2.3 billion).
The company plans to expand its sales outside the United States.
The money raised through this listing will give the California company the firepower needed to compete with other competitors in the growing market of fake meats, which includes Silicon Valley's startup company, Impossible Foods.
Speaking at the Nasdaq stock market launch, Beyond Meat's founder and CEO, Ethan Brown, said that herbal meat was "a huge opportunity for economic growth in rural America and in the United States." world".
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"We understand the composition of meat, architecture and, year after year, we narrow the gaps between our product and animal protein."
Beyond Meat is among its investors the actor Leonardo DiCaprio and the founder of Microsoft, Bill Gates.
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Tyson Foods, the largest meat processor in the United States, held a 6.5% stake in Beyond Meat, but said it had sold its stake last week in a bid to develop its own line of meat-based products. proteins.
Burger King and Impossible Foods started last month selling their veggie burger, Impossible Whopper, at 59 stores in St. Louis, Missouri. National sales are expected by the end of the year.
Beyond Meat creates meat substitutes using ingredients that mimic the composition of meat of animal origin, such as pea, bean and soy proteins.
About 70% of the company's revenues are generated by its flagship products Beyond Burger, but it also sells vegan sausages and ground beef.
Beyond Meat, which has not yet made a profit, has started selling products in the UK as more and more supermarkets fill their shelves with meat alternatives. Beyond Burger was originally scheduled to be introduced in the United Kingdom in 350 Tesco stores last August, but this was delayed by three months due to supply problems.
Waitrose launched a vegan section in more than 130 stores last year and Iceland has announced a 10% increase in sales of its plant-based foods in one year.
According to a study conducted by the Vegan Society in 2016, there were around 540,000 vegans in the United Kingdom, up from around 150,000 in 2006.
By 2018, approximately $ 50 million of Beyond Meat's revenues came from retail sales, including in the Amazon's supermarkets Whole Foods Market and Kroger Co, while $ 37 million was generated in restaurants.
According to the regulations in anticipation of the stock market debut, Beyond Meat's net loss decreased slightly to $ 29.9 million for the year ended December 31, compared to $ 30.4 million a year earlier. year ago. Net revenues more than doubled to $ 87.9 million over the same period.
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