Beyond Meat (Nasdaq: BYND) made its debut on the Nasdaq Thursday afternoon. Within 10 minutes, the stock had already been halted on a circuit breaker.
The company priced its IPO at $25 per share and opened at $46 per share. At one point in the trading session, shares surged more than 160 percent.
The California-based firm manufactures plant-based “meat” to give diners the experience of traditional burgers without harming animal health, human health or the environment. Its beef, pork and poultry substitutes share the taste and texture of animal-based meat, so the company considers the firm positioned to compete in the $1.4-trillion global meat industry.
"More so than worrying about competition, I worry about how we make the products that we currently have on the shelf obsolete by improving them," co-founder and CEO Ethan Brown told Business Insider. "It costs a lot of money to go out and buy a Tesla. It takes $6 to buy the Beyond Burger and make a statement about what you believe in."
Beyond Meat soars 163% on its debut, the fourth-highest pop for a U.S.-listed IPO greater than $100 million in the post dot-com bubble era. $BYND
— Leslie Picker (@LesliePicker) May 2, 2019
It’s bested by:
- Baidu (‘05): + 354%
- Dicerna (‘14): +207%
- Seres (‘15): +186%
Data from @Dealogic
Beyond Meat closed its debut trading day at $65.75 per share.
Comments
Log in or sign up to join the conversation.