The offering price represents an 18.58% discount to Wednesday’s close. Shareholders locked in the nearly 700% gain from this year’s best-performing IPO, selling 3 million of the 3.25 million shares sold, according to a statement confirming an earlier report by Bloomberg. That amounts to proceeds of $480 million for holders, who sold off small portions of their stakes.The company raised about $40 million from its portion of the deal. Shares fell about 6% in post-market trading.
Beyond Meat on Monday boosted its sales guidance as it attracts a growing list of restaurant clients for its plant-based burgers and sausages. The El Segundo, California-based company now expects at least $240 million in revenue this year — almost triple 2018’s total.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: The heavens have opened, but Western Cape agriculture still needs more rainWhile memories of Day Zero warnings in late 2017 and early 2018 might be fading in Cape Town residents’ minds, the effects of the severe water shortages are still felt in some farming communities — and agricultural production has not fully recovered from the damage of the 2017 drought.
Read more »
BUSINESS MAVERICK: Naspers rides the education waveThe online learning market has limitless potential with some research suggesting it could reach $325-billion by 2025. Tech giant Naspers is determined to tap into the boom.
Read more »