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Beyond Meat is celebrating after an incredible first day of public trading.
The plant-based 'vegan meat' company, which was founded in Los Angeles in 2009, saw prices of their 9 million shares skyrocket from $25 to $64 during their Nasdaq debut on Thursday.
% - Jump - IPO - Debut - Year
That 163% jump marks the strongest IPO debut of the year so far, according to MSNBC.
As of Thursday evening, Beyond Meat boasts a market value of $3.7 billion.
Company - Pure-play - Maker - 'meat - Renaissance
The company is the first pure-play maker of vegan 'meat' to go public, according to Renaissance Capital, which researches and tracks IPOs.
It's tapped into changing consumer appetites as growing numbers of people turn to plant-based meat alternatives.
US - Sales - Meats - % - March
U.S. sales of plant-based meats jumped 42% between March 2016 and March 2019 to a total of $888 million, according to Nielsen. Traditional meat sales rose just 1% to $85 billion in that same time frame.
Beyond Meat sells to 30,000 grocery stores, restaurants and schools in the U.S., Canada, Italy, the United Kingdom and Israel.
Appeal - Vegetarians - Study - Spring - %
Their appeal also extends beyond vegetarians. A 26-week study last spring showed that 93% of Kroger customers who bought its Beyond Meat products...
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I find it extremely funny when people keep voting and expecting the government to change!