Beyond Meat stock rallies in its market debut post IPO issue.
May 3, 2019 | Investopaper
Beyond Meat company, share price rocketed in its debut at New York Stock Exchange after issuing an IPO at $25 per share this Wednesday. The price rallied to gain 163 percent closing at $65.75 per share.
It was the biggest popping IPO since 2000 for a US Company having a market cap of at least $200 million. Similarly, the market cap of the company has increased to $3.8 billion from $1.5 billion in the day time.
US company Beyond Meat. is a plant-based meat maker which produces plant-based meat substitute. It was founded in 2009. Ethan Brown is the CEO of the company. The company made an IPO offering of 9.5 million shares and the company was able to raise $240 million through the issue.
The company is yet to make a profit but it is confident the alternative meat category can take a good share from the huge global markets for meat and become a multi-billion dollar market over time.
Beyond Meat develops and manufactures a variety of plant protein-based food products. Product availability has expanded internationally to restaurants and supermarkets in the US, Canada, Europe (Italy, UK), and Israel. The company, as of 2019, has products designed to replace chicken meat, beef and pork sausage.
