Beyond Meat shares surged 135% in their market debut Thursday, giving the maker of plant-based meat substitutes a market value of $3.52 billion.
The company’s opening trade of $46 was later than expected, hitting after noon Thursday. Then, after shares soared 125%, trading was paused due to volatility. When trading resumed, the stock rocketed even higher. The company is trading on the Nasdaq under the symbol BYND.
On Wednesday night, Beyond priced its initial public offering at $25 per share, for an implied market value of $1.46 billion. Its IPO price is on the high end of its expected range of $23 and $25 per share. The El Segunda, California-based company first set the range between $19 to $21 a share.
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