Business Maverick: Beyond Meat Investors Sell $480 Million of Discounted Shares

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.

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