New York, NY—Beyond Meat began trading at $46 per share on Thursday, according to CNN, an 84% increase over its IPO price of $25. It closed at $65.75 per share, 163% over its IPO price, after hitting nearly $73 a few hours after trading opened.
CNN notes that the jump shows how hot plant-based protein is. Impossible Foods, CNN adds, is struggling to keep up with increased demand—both from the expanded partnerships with Burger King and Qdoba and from increased demand in the restaurants already selling Impossible Foods products. Beyond Meat told CNN that it won’t suffer those growing pains: It already dealt with those, over the course of the past couple years, and redeveloped its supply chain to ensure that the company could handle growth.
CNN cited Beyond Meat’s SEC filing as saying that its net revenue grew from $16.2 million in 2016 to $87.9 million last year.
Ethan Brown, CEO of Beyond Meat, told CNN Business: “We’ve been overwhelmed with interest from some of the highest quality institutions in the world. It really is a time of unlimited growth.”