The shares of Beyond Meat, the purveyor of plant-based burgers and sausages, more than doubled Thursday in its Nasdaq debut. It’s the first pure-play maker of vegan “meat” to go public.
Beyond Meat raised about $240 million selling 9.6 million shares at $25 each. Those shares rose 163% to close at $65.75.
The 10-year-old company has attracted celebrity investors like Microsoft co-founder Bill Gates and actor Leonardo DiCaprio and buzz for placing its products in burger joints like Carl’s Jr. It sells to 30,000 grocery stores, restaurants and schools in the U.S., Canada, Italy, the United Kingdom and Israel.