Unlike competitors, Beyond Meat products have been available in the meat sections of grocery stores since 2016, thus broadening their appeal beyond vegetarians. Its burgers "bleed" with beet juice its sausages are coloured with fruit juice. Its products are made from pea protein, canola oil, potato starch and other plant-based ingredients. Louis proved successful.īrown says the fact that Beyond Meat uses only natural ingredients that haven't been genetically modified, and that it doesn't use soy, sets it apart from competitors. Earlier this week, the fast food chain announced it would start testing the Impossible Whopper, made with a plant-based burger from Impossible Foods, in additional markets after its month-long test in St. jumped by 18 per cent over the last year, while sales of traditional meat and poultry slid by two per cent.Įven Burger King has recognized the appeal. New food guide set to challenge prominence of meat, dairy industries."It really is a wonderful feeling to be able to welcome people in who have helped this brand," Brown told The Associated Press. He also wants consumers to be able to buy shares because they've fuelled the company's growth. It sells to 30,000 grocery stores, restaurants and schools in the U.S., Canada, Italy, the United Kingdom and Israel.īeyond Meat CEO Ethan Brown said the IPO timing is right, as the company wants to expand overseas. The 10-year-old company has attracted celebrity investors such as Microsoft co-founder Bill Gates and actor Leonardo DiCaprio, as well as buzz for placing its products in burger joints like Carl's Jr.
By the end of the day, the shares had closed at $65.75, up 163 per cent.
The first trades came in at around $46 per share before rising steadily through the day. That values the company at about $1.5 billion US.īut when the shares started trading on the Nasdaq on Thursday afternoon, investors quickly bid up the price of the shares to $72, almost three times the IPO pricing. The company is the first pure-play maker of vegan "meat" to go public, according to Renaissance Capital, which researches and tracks IPOs.īeyond Meat raised about $240 million US selling 9.6 million shares for $25 each on Wednesday alternative. Beyond Meat, a maker of meat alternatives, went public on stock markets on Thursday, and investors quickly drove up the price of the shares within minutes of being able to finally sink their teeth into the company.
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