It has been a tough start for some of 2019’s top market debutants. Uber, once reckoned to be worth $US120 billion ($173.4 billion), now languishes with a market capitalisation of less than $US70b while ride-sharing competitor Lyft is down about 8 per cent since its April listing.

However, one IPO has sailed through these troubled waters: Beyond Meat, the $US4.8b-market cap maker of plant-based meat substitutes, which raised $US241 million when it listed on the Nasdaq almost a month ago. Its shares are up an eye-popping 219 per cent since it priced at $US25 on May 2. So why the euphoria?

Financial Times