Vegan 'milk' maker Oatly files to go public as the company backed by Oprah and Jay-Z looks seeks a valuation around $10 billion
Oatly, which counts Oprah Winfrey and rapper Jay-Z among its prominent backers, has submitted regulatory plans for an initial public stock offering in the US, the maker of vegan food and drink products said on Tuesday.
The company based in Sweden, which sells its Oatly brand of products in more than 20 countries across Europe and Asia, could seek a valuation of around $10 billion, according to Bloomberg.
Oatly has hired Morgan Stanley, JPMorgan and Credit Suisse as underwriters on the offering, sources told Reuters.
The proposed listing price and the number of shares offered, which would determine the ultimate valuation of the company, has not yet been determined, the company said.
Vegan food and drink products maker Oatly said on Tuesday that it had submitted regulatory plans for an initial public stock offering in the US,
Oprah Winfrey and rapper Jay-Z are among Sweden-based Oatly's financial backers
The planned stock market listing comes as the plant-based food sector has gained investor attention over the past few years, especially as fast-food chains and upscale restaurants create new menus to attract health- and environment-conscious diners.
Oatly, known for its oat milk products, has tie-ups with several cafes in the United States, including Starbucks and also sells its products online and in retail stores.
Much of the demand for plant-based food is being led by millennials and generation Z consumers, who are more than willing to spend on sustainable products that are also healthy.
Oatly raised a $200 million equity investment in July last year from a group led by Blackstone Group that includes Oprah Winfrey, Natalie Portman and former Starbucks Corp chief Howard Schultz.
The new investors also included Jay-Z's entertainment company Roc Nation, Orkila Capital and Rabobank's Rabo Corporate Investments.
Oatly, known for its oat milk products, has tie-ups with several cafes in the United States, including Starbucks and also sells its products online and in retail stores
Oatly said the proceeds from that investment would be used to fund its expansion projects in current markets and to set up new production plants and create jobs in Europe, the United States and Asia.
Oatly, founded by brothers Rickard and Björn Öste, was valued at about $2 billion in July, according to PitchBook.
JPMorgan and Credit Suisse had no immediate comment when contacted by Reuters, while Morgan Stanley declined to respond.
Earlier this month, Oatly sought to make a splash with a quirky Super Bowl commercial.
'Wow, wow, no cow,' sang CEO Toni Petersson, as he played a keyboard in a field of grain.
The bizarre song and non-professional singing got a mix of plaudits and brickbats on social media, which seemed to be the point.
Moments after it aired, the company started promoting a T-shirt with the words: 'I totally hated that Oatly commercial.'
'If you just watched our CEO sing in an oat field on the big game, we can't give you back those 30 seconds but we can give you a free t-shirt that lets the world know where you stand on our attempt to promote Toni's singing skills to a wider audience,' the company said in a tweet.
The plant-based food sector is a fast growing category that has gained investors' attention over the past few years, especially as fast-food chains and upscale restaurants create new menus to attract health- and environment-conscious diners.
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