Vegan burger maker Beyond Meat sizzles in market debut
Shares halted due to volatility afer surging to $50 just minutes after starting to trade
Shares of vegan burger maker Beyond Meat Inc surged 84% in their market debut on Thursday, as investors look to cash in on the growing popularity of veganism. The stock opened at $46, well above its IPO price of $25, giving Beyond Meat a market capitalization of around $2.75bn, including underwriters' option. Shares surged to $50 just minutes after starting to trade and were halted due to volatility. It has since resumed trading. Earlier on Tuesday, the company raised the size and price of its offering after increased demand from investors. The IPO raised $240m. The money raised from the IPO gives Beyond Meat firepower to compete with its chief rival and Silicon Valley startup Impossible Foods. Plant-based substitutes for meat have been gaining popularity as more people shift towards vegan or vegetarian diets, amid growing concerns about animal welfare and the environmental hazards of intensive animal farming. Burger King and Impossible Foods last month started selling their vegan b...
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