Beyond Meat IPO raises $241 million, appetite for vegan food grows

Beyond Meat Inc. more than doubled in its trading debut after raising $241 million in an upsized initial public offering that priced at the top of the marketed range.

Shares of the maker of vegan beef and sausage substitutes opened at $46. They rose 142 percent from the offer price to $60.48 at 1:16 p.m. in New York, giving the company a market value of more than $3.5 billion.

Beyond Meat sold 9.63 million shares for $25 each on Wednesday, after marketing them for $23 to $25, according to data compiled by Bloomberg.

The company, backed by business and Hollywood celebrities including Microsoft