Beyond Meat signage is featured on a screen during the company's IPO at the Nasdaq Market site in New York, US, on May 2 2019. Picture: REUTERS/BRENDAN MCDERMID
Shares surged to $50 just minutes after starting to trade and were halted due to volatility. It has since resumed trading. Plant-based substitutes for meat have been gaining popularity as more people shift towards vegan or vegetarian diets, amid growing concerns about animal welfare and the environmental hazards of intensive animal farming.
The company said it intends to use a bulk of its IPO proceeds for research and development, as well as building manufacturing facilities.
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