Last week, Beyond Meat became the first ever plant-based food company to list on a major stock exchange. The California-based company priced its shares at $25 for its initial public offering (IPO) and raised just over $240m (€215m) from investors, which the company plans to invest in new manufacturing facilities and R&D.

However, shares in Beyond Meat soared after its opening last Thursday on the Nasdaq stock exchange in New York as hungry investors scrambled to get exposure to the rapidly growing plant-based food sector.

Beyond Meat makes imitation burgers from plant proteins such as yellow peas and uses beet juice to mimic the bleeding of a real beef burger

Beyond Meat’s share price immediately doubled on its stock market debut to $50 before closing out trading on its first day as a listed plc at $65.75 per share.

The company’s share price has continued to rise this week and touched off highs of $85 per share on Tuesday, valuing it at more than $4.6bn (€4.1bn).

Beyond Meat makes imitation burgers from plant proteins such as yellow peas and uses beet juice to mimic the bleeding of a real beef burger.

The company also makes plant-based alternatives for sausages, chicken and pork, although sales of plant-based burger accounted for 70% of Beyond Meat’s sales last year.

Beyond Meat, whose original investors include Bill Gates and Leonardo DiCaprio, recorded sales of $88m (€79m) in 2018, which was more than double 2017 sales of €33m (€29m). The company made operating losses of $28m (€25m) in 2018 and is currently spending almost $10m (€9m) a year on R&D.