Beyond Meat sucks 163% in most of the US IPO since 2000
Beyond Meat Inc. makes skyrocketed Thursday in the best executive public offering of a large American company for nearly two decades.
Stocks of the plant-based meat producer – which priced its $ 25 IPO on Wednesday night – started trading at $ 46 per share shortly after dinner on Nasdaq, increasing to $ 65.75 at the end of the session, with a gain of 163%. Prices hit almost $ 73 per share on their intraday peak. Stocks were up another 4% after hours.
It was the biggest breakthrough for a US company with a market value of at least $ 200 million since 2000, according to Dealogic data. That's when Palm Inc. made its debut in March 2000, at the top of the dot-com boom. The latest comparable pope in US markets came in December 201[ads1]0, when Chinese internet company Youku.com rose nearly 115% in its debut on the New York Stock Exchange.
Beyond Meat's
BYND, + 5.32%
market capital jumped from around $ 1.5 billion Wednesday night to around $ 3.8 billion on Thursday afternoon.
The company sold 9.5 million shares in the listing to increase at least $ 240 million. The proceeds will be used to expand today's production facilities and open new ones, fund research and development, and increase sales and marketing, along with "general business purposes", according to the prospectus.
Read: Beyond Meat IPO: 5 Things to Know About the Plant Meat Producer
Beyond Meat was founded by vegan Ethan Brown in 2009, and Beyond Burger is sold at Whole Foods and the restaurant chain TGIF, among other.
While the company has never made a profit, the alternative meat category expects to become a multibillion dollar market over time and to take a significant share from the global $ 1.4 billion meat market.
