Beyond Meat raises $240 million in stock market debut
The shares of Beyond Meat, which sells plant-based burgers and sausages, more than doubled Thursday in its Nasdaq debut, the Associated Press reported.
Beyond Meat raised about $240 million selling 9.6 million shares at $25 each, the AP said. Those shares rose 163% to close at $65.75.
“The strong investor demand came despite a history of financial losses at the company, according to a recently amended S-1 filing; Beyond Meat posted net revenue of $87.9 million in 2018 and a net loss of $29.9 million,” AgFunder News said.
But Walter Robb, former CEO of Whole Foods, told AgFunder News that he is not fond of alternatives to meat.
“They’re made mostly from isolates, and I told you already, I’m a whole foods guy and I think they’re a little bit of a misdirect for people at times,” Robb said.
“If they want to eat a healthier diet, eat whole foods. But if they’re helping folks to think about all those things, that’s fine. So hot from some perspectives but from my perspective, not so hot.”
–The Hagstrom Report