Shares of fake meat maker Beyond Meat soar 163%
Shares of fake meat maker Beyond Meat soared 163% Thursday — making it the most successful IPO since the financial crisis as investors gobbled up the stock.
The stock closed at $65.75 a share on its first day of trading on the Nasdaq after being pricing Wednesday evening at $25 a share.
It was a stunning stock debut considering that the $25-a-share price set the night before was already at the high end of a $23-to-$25 price range after having been lifted from an initial range of $19 to $21 a share.
Shares opened at more than $40 a share and started trading at $46 soon after noon before being briefly halted due to volatility.
The 163% surge makes Beyond Meat — now valued at $3.83 billion — the most successful IPO to raise at least $200 million since 2008, according to Bloomberg.
The El Segundo, Calif., company, which trades under the ticker BYND, is one of several food companies selling plant-based foods that actually taste like meat at a time when consumers are trying to eat healthier.
Beyond Meat’s patties can be found at supermarkets such as Whole Foods and Kroger as well as restaurants such as TGI Friday’s and Carl’s Jr. Rival Impossible Foods’ products are being sold at Burger King and White Castle.
As The Post reported Thursday, both companies’ products are revolutionizing the fast-food industry, which has been seeking new healthy food items that don’t sacrifice taste.
Early Beyond Meat investors included Microsoft founder Bill Gates and Leonardo DiCaprio. Tyson Foods had a stake in Beyond Meat but sold it ahead of the IPO as it is also working to create its own plant-based meat products.