Vegan ‘milk’ maker Oatly wants to go public as company backed by Oprah and Jay-Z looks at a valuation of approximately $ 10 billion
- Oatly said on Tuesday that it had filed paperwork for an IPO
- The Sweden-based company is reportedly aiming for a valuation of $ 10 billion
- Earlier this month, Oatly made an impression with his unusual Super Bowl commercial
- Investors in the company include Oprah Winfrey, Jay-Z and Natalie Portman
Oatly, which counts Oprah Winfrey and rapper Jay-Z among its prominent backers, has filed regulatory plans for an initial public offering in the US, the vegan food and drink maker said Tuesday.
The Sweden-based company, which sells its Oatly-branded products in more than 20 countries in Europe and Asia, could aim at around $ 10 billion, according to an estimate. Bloomberg
Oatly has hired Morgan Stanley, JPMorgan and Credit Suisse as insurers of the offering, sources told Reuters.
The proposed listing price and number of shares on offer, which would determine the company’s ultimate valuation, has not yet been determined, the company said.
Vegan food and drink maker Oatly said on Tuesday it had filed regulatory plans for an IPO in the US.
Oprah Winfrey and rapper Jay-Z are among the backers of Oatly from Sweden
The planned listing is because the plant-based food industry has caught the attention of investors in recent years, especially as fast-food chains and upscale restaurants are creating new menus to attract health and environmentally conscious diners.
Known for its oat milk products, Oatly has affiliations with several cafes across the United States, including Starbucks, and also sells its products online and in stores.
Much of the demand for plant-based foods is led by millennials and Gen Z consumers, eager to spend money on sustainable products that are healthy too.
Oatly raised a $ 200 million equity investment in July last year from a group led by Blackstone Group, including Oprah Winfrey, Natalie Portman, and former Starbucks Corp chief Howard Schultz.
New investors also included Jay-Z’s entertainment company Roc Nation, Orkila Capital and Rabo Rabo Corporate Investments.
Known for its oat milk products, Oatly has affiliation with several cafes across the United States, including Starbucks, and also sells its products online and in stores
Oatly said the proceeds from that investment would be used to finance its expansion projects in current markets and to set up new manufacturing facilities and create jobs in Europe, the United States and Asia.
Founded by brothers Rickard and Björn Öste, Oatly was estimated to be worth about $ 2 billion in July, according to PitchBook.
JPMorgan and Credit Suisse had no immediate response when Reuters reached out, while Morgan Stanley declined to respond.
Earlier this month, Oatly tried to impress with a quirky Super Bowl commercial.
“Wow, wow, not a cow,” sang CEO Toni Petersson, playing keyboard in a grain field.
The bizarre song and non-professional vocals got a mix of social media applause and brickbats, which seemed to be the point.
Moments after it aired, the company started promoting a T-shirt saying, “I hated that Oatly commercial.”
“ If you just watched our CEO sing in an oat field during the big game, we can’t give you those 30 seconds back, but we can give you a free T-shirt that will let the world know where you stand in our attempt to promote Toni’s singing skills to a wider audience, ‘the company said in a tweet.
The plant-based food industry is a fast-growing category that has caught the attention of investors in recent years, especially as fast food chains and upscale restaurants are creating new menus to attract health and environmentally conscious diners.