Investing.com - Investors look hungry for vegan burgers midday, as shares of Beyond Meat doubled on their first day of trading.
Beyond Meat (NASDAQ:BYND) stock rocketed 101% higher to $50.25 as it opened midday. That gave it a market cap of around $3 billion.
The plant-based meat substitute producer raised $240.6 million after the bell yesterday, pricing 9.6 million shares at $25 per share, the top of its upwardly-revised range.
Beyond Meat is looking to cash in on the trend for healthier alternatives to a carnivore diet. But the company is another big-name stock market debut that has yet to make a profit.
Goldman Sachs (NYSE:GS), J.P. Morgan and Credit Suisse (SIX:CSGN) were the lead underwriters for the deal.