Beyond Meat held its much-anticipated initial public offering May 1, raising $241 million, significantly more than first estimates.
The analogue meat company sold 9.63 million shares of stock at $25 a share, which was at the top end of its projected price range. It is scheduled to start trading on Nasdaq under the symbol BYND.
Beyond Meat has been growing in sales, but has never made a profit. It lost $29.9 million on revenue of $87.9 million last year, according to its IPO filing. It has significant competition, led by Impossible Foods, whose Impossible Burger is being sold at restaurant chains including Burger King and White Castle.
Beyond Meat’s backers include celebrities like Bill Gates and Leonardo DiCaprio. Tyson Foods, however, pulled its 6.5% stake just before the IPO.
