Laird Superfood stock doubled Wednesday before ending up at $40 per share on the first day of trading for the Sisters, Ore.-based company.
The startup, co-founded by legendary surfer Laird Hamilton, raised $58.3 million in its public offering and had an opening price of $22 per share, which came in at the high end of its range. The company is now valued at more than $300 million.
Founded in 2015, Laird Superfood sells “superfood” creamers and other plant-based products such as mushrooms and coconut water mixes. It is riding a trend of growing interest in meat alternatives buoyed by giants including Impossible and Beyond Meat. The company raised about $50 million from private investors, including a $10 million round from Danone Manifesto Ventures in April and previous funding from WeWork.
The IPO market is red hot, with a flurry of tech companies announcing plans to go public in the past few months.
