Where the money is going, Plant-Based, Vegan and Vegetarian
May 2019 heralded a watershed moment for plant-based investment with Beyond Meat’s IPO.
Prior to the offering Goldman Sachs, JPMorgan and Credit Suisse all competed aggressively to be appointed as lead underwriters on the deal, with BofA Merrill Lynch, Jefferies and William Blair doing similarly as co-managers. All clearly had confidence in the offering and wanted to headline in this plant-based business going to market. They were right to.
At the Nasdaq MarketSite in New York City on the morning of May 2, 2019 Beyond Meat stock started trading publicly, and after opening at $25, it closed at $65.75, up 163% for the day. That makes it the most successful IPO in 2019 so far, with a valuation of circa $9bn.
Below is US Fox Business News broadcasting as the market closed, May 2, 2019.
Money still makes the world go round in 2019, and investment is based on making judgements about the future, the future as investment bankers see it in 2019 is where the money is going, Plant-Based, Vegan and Vegetarian.