NEW YORK: Shares of vegan burger maker Beyond Meat Inc surged 84 percent in their market debut on Thursday, as investors look to cash in on the growing popularity of plant-based meat alternatives.
The money raised from the IPO gives Beyond Meat firepower to compete with other rivals in the increasingly crowded imitation meat market, such as Silicon Valley startup Impossible Foods. Burger King and Impossible Foods last month started selling their vegan burger Impossible Whopper in 59 stores in and around St. Louis, Missouri, with nationwide sales expected by the end of the year.
Beyond Meat creates substitutes for meat by using ingredients that mimic the composition of animal-based meat, like proteins from peas, fava beans and soy, that look and cook like beef or chicken. The company in filings said it planned to aggressively expand its network of restaurant partners and sales outside the United States, which currently account for 7 percent of revenues.
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