Shares of vegan burger maker Beyond Meat Inc rose more than 160 percent in their...
- Shares of vegan burger maker Beyond Meat Inc rose more than 160 percent in their market debut on Thursday, as investors look to cash in on the first publicly listed veggie meat company and the growing popularity of plant-based meat alternatives.
Earlier on Tuesday, the company raised the size and price of its offering after increased demand from investors. The IPO raised $240 million. The Los Angeles-based company, which counts actor Leonardo DiCaprio and Microsoft Corp founder Bill Gates among its investors, aims to market its meatless burger patties and other products to meat-loving consumers. It avoids terms such as vegan or vegetarian and instead displays its products in the meat case of supermarkets.
The company logo and trading information for Beyond Meat is displayed on a screen during the IPO at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid “We’re looking very much at not only expanding the number of pea protein providers but also getting into new types of protein,” Brown said.
Beyond Meat began selling its plant-based burger at more than 1,100 U.S. locations of fast-food chain Carl’s Jr in January.
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