Beyond Meat Inc. (BYND) had a strong debut at NASDAQ this afternoon as it’s offer price went up 163% to $65.75 today, one of the strongest IPO of 2019, valuing the company at about $3.8 billion. This success has been brewing since the company’s beginnings but was surely boosted by the backing of multiple celebrities with names you will no doubt recognize, such as Bill Gates and Leonardo DiCaprio. The company has aggressively expanded in recent years, by offering their meat substitutes in over 50 international markets, including Canada, Israel and most European countries.
Tomorrow, Friday, May 3rd, has been dubbed Beyond Day by Beyond Meat, and they are offering free burgers and tacos at the locations below (details here). Don’t forget to grab your $3 off coupon at the bottom of the page.
Although the company has big ambitions of taking by storm the trillion-dollar market of meat, it has not made any profit since its conception. The money raised from the IPO will be invested namely in distribution and manufacturing facilities to meet the ever-growing demand for plant-based foods. Their most popular product, the Beyond Burger, has been tested in the Canadian market by introducing it to A&W’s menu as a vegetarian alternative to their Mama and Papa burgers. Many reports of the burger being sold out have shown that customers have fierce appetite for vegan food, and are ready for new ethical and sustainable options.
While the company has strong competitors in the vegan meat substitute markets, such as Tofurky, Impossible Foods, and Field Roast Grain Meat Co., its main rivals are real meat giants, including Tyson Foods Inc. and Cargill, as they are strategically placing their products in the meat sections of supermarkets to catch the eyes of potential customers. Check out their Twitter announcement from early this morning:
Thrilled to announce that today we became the 1st plant-based food company to go public on a major exchange.
— Beyond Meat (@BeyondMeat) May 2, 2019