Beyond Meat, Inc. (NASDAQ: BYND) launched its initial public offering last Thursday on the Nasdaq Stock Exchange. The Company intended to list its share between the range of USD 23.00 and USD 25.00 per share.
Beyond Meat shares began publicly trading at USD 46.00 per share, before surging upwards to USD 61.00 per share. Leading into Monday, shares continued its upward trend from its IPO.
Shares were trading 6.1% higher on Monday morning, sitting at USD 71.00 per share. Beyond Meat’s market valuation was approximately 4.07 Billion on Monday. Shares have almost tripled compared to Beyond Meat’s expected share pricing.
Beyond Meat is a company designed towards creating new innovative meat-related products. However, the Company’s products do not contain regular protein from animals such as cows or pigs. Beyond Meat develops burgers, sausages, crumbles, and others directly from simple plant-based ingredients.
Beyond Meat’s shares marked one of the best performing public offering by a major U.S. company in nearly two decades, according to MarketWatch.
The last comparable companies are Palm Inc. and Castlight Health (NYSE: CLST), which went public back in 2010 and 2014, respectively. However, Palm went back private since then, while Castlight is still trading on the New York Stock Exchange.
Castlight’s IPO was a notable listing because underwriters priced the Company’s shares at USD 16.00 per share. On its IPO day, Castlight shares opened at almost USD 40.00 per share, giving it a valuation of USD 3 Billion. Now, Castlight shares are trading at USD 3.60 per share with a market valuation of USD 526.89 Million as of Monday’s opening price.
Beyond Meat is among the multiple unicorn IPOs to list this year. However, compared to the other recent IPOs such as Lyft (NASDAQ: LYFT), Pinterest (NYSE: PINS), and Zoom Video Communications (NASDAQ: ZM), Beyond Meat has outshined the tech sector.
Other highly anticipated IPOs this year includes, Uber Technologies, who is expected to list on the New York Stock Exchange on May 9th, under the symbol “UBER.” Other major anticipated IPOs include Airbnb, Slack, Postmates, and WeWork.