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.
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.