Oatly, the vegan milk producer thrust into world conscience by CEO Toni Petersson, is trying to a valuation of US$10 billion in an preliminary public providing.
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Primarily based in Malmö, Sweden and based in 1994 by brothers Rickard and Björn Öste, the corporate needs a New York itemizing to faucet into the IPO increase and the pattern for plant-based options to animal merchandise.
“Our dedication to oats has resulted in core technical developments that enabled us to unlock the breadth of the dairy portfolio, together with options to milks, ice cream, yoghurt, cooking lotions and spreads,” Oatly stated in a media launch in regards to the proposed IPO.
Oatly raised US$200 million in July 2020, securing a valuation of US$2 billion on the time. Photograph: Oatly
The enterprise has submitted a confidential submitting for an IPO with the US Securities and Change Fee, lower than a yr after a funding spherical led by Blackstone additionally introduced in Oprah Winfrey and Jay-Z’s Roc Nation firm as traders, valuing Oatly at about US$2 billion.
Two individuals briefed on the state of affairs stated it was a New York itemizing with a valuation as excessive as US$10 billion, the Monetary Occasions reported. Oatly declined to remark.
The primary intention of the float could be to lift cash to fund progress – Oatly is presently accessible in 20 nations – and an inventory would supply an opportunity to money in for traders who vary from Blackstone to Hollywood star Natalie Portman and Verlinvest, the funding firm of the Belgian household behind brewer Anheuser-Busch InBev. The latter stays Oatly’s majority proprietor by means of a three way partnership with China Sources, after shopping for a majority stake in 2016.
Oatly had revenues of about US$200 million in 2019, roughly double the earlier yr, and aimed to double gross sales once more in 2020, though no figures have been made public.
Within the US, complete retail gross sales of non-dairy milks rose 23 per cent to an estimated US$2.2 billion in 2020, in keeping with market researchers SPINS. Almond milk accounted for US$1.3 billion, with an rising variety of individuals embracing a rising vary of plant-based substances together with seeds, legumes, pulses, grains and nuts. Gross sales of oat-based dairy options tripled within the US in 2020 to US$288 million, overtaking soy milk because the quantity two plant-based milk.
Oatly’s signature oat milk was particularly profitable forward of the COVID-19 pandemic with a ‘Barista Version’ utilized in cafes that produces a froth much like that of cows’ milk for cappuccinos and macchiatos.
Corporations have taken benefit of an fairness market rally that has bolstered IPOs reminiscent of that of Blackstone-backed courting app Bumble, which raised US$2.15 billion in a Nasdaq itemizing earlier this month, and Israeli cellular video games firm Playtika, which raised US$2.2 billion in January.