Beyond Meat Inc., the company created by vegan Ethan Brown in 2009, raised nearly a quarter of a billion dollars to grow its line of plant-based meats, with shares rocketing in their public debut.
The maker of the Beyond Burger, which is sold at Whole Foods and restaurant chain TGIF, among others, priced its initial public offering at $25 a share Wednesday evening, raising at least $240 million at a valuation slightly shy of $1.5 billion.
Beyond Meat BYND, +5.47% priced the IPO at the top of a range that it had already increased during the process. The company said in a regulatory filing Tuesday that it planned to offer 9.5 million shares priced at $23 to $25 each, updating the original plan to offer 8.75 million shares priced at $19 to $21 each. In the end, it sold 9.63 million shares, with underwriters holding the option to sell another 1.44 million shares in case of over-allotment. The stock began trading Thursday on the Nasdaq exchange under the ticker symbol “BYND.”
It has never made a profit
Beyond Meat has successfully grown its revenue over the years, but has yet to produce a profit. In the first nine months of 2018, the company generated revenue of $56.4 million, more than double the $21.1 million posted in the year-earlier period, and more than the $32.6 million posted for all of 2017.
But its net loss in the nine-month period came to $22.4 million, only slightly less than the $23.4 million loss posted in the year-earlier period. The company’s loss for 2017 came to $30.4 million, wider than the $24.1 million loss posted in 2016.