Beyond Meat sees lots of green for its IPO

Credit: Reuters Studio
Published on May 2, 2019 - Duration: 01:23s

Beyond Meat sees lots of green for its IPO

Meatless burger company Beyond Meat, which boasts investors Bill Gates and Leonardo DiCaprio, soared at its debut on the NASDAQ Thursday.

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Beyond Meat sees lots of green for its IPO

Everybody wants a bite of this burger.

And that won't be the last pun you hear Thursday about Beyond Meat - which made its public debut on the Nasdaq and more than doubled its $25 IPO price faster than you can say gluten-free, plant-based protein.

The company, which makes meatless burgers, opened at 46 dollars a share - and closed at $65.75 - a jump of 163 percent.

Beyond Meat had increased the number of shares on offer by 10 percent earlier this week and raised its initial price range.

The business boasts Bill Gates, Leonardo DiCaprio and former NBA star John Salley as investors, but it's not the only player out there.

Fast food giants Burger King and White Castle have added meat substitutes made by Beyond Meat's rival - Impossible Foods.

And Tyson Foods - the biggest meat processor in the U.S. - sold it's stake in the company as it preps its own brand of alternative protein.

Analysts estimated the global market for meat substitutes was worth over 4 and a half billion dollars last year - and it's predicted to reach 6.4 billion by 2023.

The company said it wants to use most of the funds raised in the IPO to boost R&D and manufacturing in its quest to feed flexitarians - or at least get more people to know what that word means.

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