Lead image source: Official Twitter account of Nasdaq
Beyond Meat (BYND:NYSE), the maker of the Beyond Burger, became the first ever plant-based food company to go public on the Nasdaq, pricing its IPO at US$25 per share. On May 2, CNBC reported that Beyond Meat surged 163 percent calling it “the best IPO so far in 2019”, positioning the company’s market value at US$3.77 billion.
Based in El Segundo, California, Beyond Meat was founded by Chief Executive Officer, Ethan Brown, and currently has a number of plant-based products on the market.
— Nasdaq Exchange (@NasdaqExchange) May 3, 2019
Media pundits reported that Beyond, joining Levi Strauss, Zoom and Lyft in going public this year, was given the “Silicon Valley treatment” meaning that it was received on the market like a technology company as opposed to a traditional food company. By comparison, traditional food companies historically trade at two times sales or less, with powerhouse Tyson Foods Inc (TSN:NYSE) at a price-sales ratio of 0.7.
The latest in a slew of celebratory moments, the company’s Beyond Sausage was listed in TIME magazine’s “Best Inventions of 2018” while Brown was named by Newsweek as a “top innovator of 2019.” Beyond Meat was also recognized by the United Nations as a 2018 Champion of the Earth, the highest accolade for sustainability efforts. A peer-reviewed Life Cycle Analysis (LCA) study published in 2018 conducted by the University of Michigan concluded that the environmental impact of a Beyond Burger is significantly better than its traditional counterpart. The Beyond Burger uses significantly less water and land, generates fewer Greenhouse Gas Emissions (GHGE) and requires less energy than a ¼ lb. US beef burger.
Most recently, the company announced its entrance into the Canadian retail market nationwide with its products now available at all major outlets including: Co-op Food Stores, Fresh Street Market, IGA, Loblaw, Longos, Metro, Save On Foods, Sobeys, and Whole Foods Market. This latest move follows the launch of the company’s Beyond Beef in March 2019.