Results: Beyond Meat surges 163% in the best ...

Beyond Meat surges 163% in the best IPO so far in 2019

Beyond Meat

USA, New York. In the strongest market debut so far this year, Beyond Meat shares surged 163% Thursday, giving the maker of plant-based meat substitutes a market value of $3.77 bn.

The company’s opening trade of $46 was later than expected. Then, after shares soared 125%, trading was paused due to volatility. When trading resumed, the stock rocketed even higher. The company is trading on the Nasdaq under the symbol BYND.

Beyond priced its initial public offering at $25 per share, for an implied market value of $1.46 bn. Its IPO price is on the high end of its expected range of $23 and $25 per share. The El Segundo, California-based company first set the range between $19 to $21 a share.

In 2018, Beyond reported revenue of $87.9 mill., up 170% from the previous year’s net sales of $32.6 mill.. The company plans to use the proceeds from going public to invest in manufacturing facilities, research and development, and sales and marketing.

Source: CNBC

USA New York


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