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Meat alternatives are getting a big public market debut with the Beyond Meat public offering, as shares of the company rocketed above their initial list price.
The company’s shares surged up 135% in their market opener, valuing the company as high as $3.52 billion. Volatility was so high on the company’s stock that the Nasdaq had to pause trading of “BYND” shares.
Company - Trade - Pm - Eastern - Report
The company’s first trade came in at $46 at 12:18 p.m. Eastern, according to a report in MarketWatch. That’s a whopping 76% above the initial price. Gains extended throughout the morning reaching an intraday high of $63.43 (or around 154% above its initial high) and the stock is now trading at around $55 per share.
The company priced its public offering at $25 per share last night — at the upper end of an already increased share price (likely in response to shareholder demand).
Company - Valuation - Sale - Shares - Yesterday
In all the company raised more than $240 million at just under a $1.5 billion valuation through the sale of at least 9.6 million shares when it priced yesterday.
“Beyond Meat is a pioneer of the plant-based meat movement, and the listing is a remarkable and unprecedented move for the industry,” said Bruce Friedrich, the executive director of the sustainable food industry research and watchdog group, the Good Food Institute. “While it’s the first company of its kind to go public, the move could pave a way forward for other plant-based meat makers who will be watching on.”
Investor - Appetite - Company - Balance - Sheet
Investor appetite for the company comes despite its balance sheet problems. Beyond Meat reported a...
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