May 3 (UPI) -- Stocks for the meat substitute company Beyond Meat Inc. soared 163 percent after its initial public offering Thursday, the best public debut for a company since before the 2008 financial crisis.
The vegan beef and sausage company opened trading at $46 per share from its IPO of $25. It closed the day at $65.75, giving the company a market value of roughly $3.8 billion, Bloomberg reported.
The company, founded by vegan Ethan Brown in 2009, sold 9.5 million shares in the IPO to raise at least $240 million, according to MarketWatch. Beyond Meat said the proceeds will be used to expand current manufacturing facilities and open new ones, to finance research and development and to boost sales and marketing.
Beyond Meat is sold in grocery stores nationwide, including Whole Foods, and used as meatless option in restaurants like TGI Fridays, Carl's Jr. and Del Taco. Its patties are made of pea protein and beet juice.
The success in the market will help Beyond Meat against its growing competitors, like Impossible Foods, which is providing meatless patties for Burger King, and Nestle SA, which created its plant-based Incredible Burger for McDonald's in Germany.
Beyond Meat, though, has yet to break even as a company, losing $30 million last year when factoring in research and development, sales and marketing, suggesting that investors are betting heavily on the company's potential growth.