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The maker of the Beyond Burger, which is sold at Whole Foods and restaurant chain TGIF, among others, priced its initial public offering at $25 a share Wednesday evening, raising at least $240 million at a valuation slightly shy of $1.5 billion.
Beyond Meat BYND, +1.58% priced the IPO at the top of a range that it had already increased during the process. The company said in a regulatory filing Tuesday that it planned to offer 9.5 million shares priced at $23 to $25 each, updating the original plan to offer 8.75 million shares priced at $19 to $21 each. In the end, it sold 9.63 million shares, with underwriters holding the option to sell another 1.44 million shares in case of over-allotment. The stock began trading Thursday on the Nasdaq exchange under the ticker symbol “BYND.”
The first trade for the stock was $46 at $12:18 p.m. Eastern on Thursday, which was 84% above the IPO price. It extended gains to close its first day at $65.75, or 163% above its IPO price, making it the best performing first-day IPO in nearly two decades.
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