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Beyond Meat prices secondary offering at $160 a share, six times the IPO price

Beyond Meat announced Wednesday afternoon that it would price its secondary offering of shares at $160, an 18.6% discount to the closing price of the stock but more than six times the price charged less than three months ago. Read More...

Beyond Meat announced Wednesday afternoon that it would price its secondary offering of shares at $160, an 18.6% discount to the closing price of the stock but more than six times the price charged less than three months ago.

Beyond Meat BYND, +0.90%  plans to sell at least 3.25 million shares at that price, which would bring in $520 million, almost all of it for early investors, executives and employees. All but 250,000 shares came from shareholders, who will take home $480 million of that total. Underwriting banks — led by Goldman Sachs, JP Morgan and Credit Suisse — have access to nearly 500,000 more shares, all of which would come from selling stockholders instead of the company.

Beyond Meat sold shares for $25 apiece in an initial public offering in early May, but demand for a piece of the meat-alternative company from investors and those looking to bet against the company has sent shares soaring. The stock closed Wednesday at $196.51, which is considerably lower than the record closing price of $234.90 last Friday.

Shares took a hit after Beyond announced its planned secondary offering along with quarterly earnings Monday afternoon. Shares declined 12.3% in the next day’s trading session after the news.

Shares fell less than 5% in after-hours trading Wednesday after the secondary pricing was announced.

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