Investors jumped on shares of Beyond Meat when they hit the market Thursday, pushing prices up by 163 per cent, valuing the company at about $3.8 billion US.
The company is famous for making veggie burgers and sells to a number of Canadian retailers such as Burger King, A&W and Loblaws.
Maple Leaf Foods, Canada’s largest meat packer, is trying to catch up with its purchase of a couple of U.S. vegetable-protein companies and a recent announcement that it will invest $310 million in a new facility.
Beyond Meat began trading at $46 and closed at $65.75 Thursday. The shares were priced at $25 late Wednesday, after the company for the offering to 9.625 million shares at $23 to $25 each, up from the previously expected 8.75 million shares at $19 to $21 each.