| Sweden

Oatly aims for $10bn IPO valuation

Swedish dairy-alternative brand seeks to catalyse a growing global plant-based movement with a lucrative IPO offering that could raise up to $1.43bn and value the company at $10bn

Oatly's IPO could value the Swedish dairy-alternative brand at up to $10m and is expected to raise up to $1.43bn | Photo credit: Madalyn Cox 

Oatly has announced it has commenced an initial public offering of around 84 million American Depositary Shares (ADSs), estimated at $15-$17 each. The IPO could value the Swedish dairy-alternative brand at up to $10bn and is expected to raise up to $1.43bn.
According to a Bloomberg report, Scottish asset management firm Baillie Gifford has indicated interest in purchasing up to $500m of the ADSs in the offering.
Company filings report Oatly achieved revenues of $421.4m in 2020, up from $204m the year previous. 
Oatly’s products have enjoyed significant mainstream success in recent years, with US specialty coffee chain Intelligentsia becoming the first major US coffee chain to stock its oat-based dairy alternative products in 2016.
More recently, Oatly has embarked on a partnership with Starbucks in the US, which was extended across the coffee giant’s Chinese stores in April 2020. The company’s alternatives to milks, ice cream, yogurt, cooking creams, and spreads are also sold in supermarkets and grocery stores in more than 20 countries.
Underlining the growing popularity of plant-based products globally, in May 2021 food and beverage giant Nestlé launched new pea milk brand, Wunda, to compete in the European market with Oatly and Belgium-based Alpro.
In July 2020, Oatly raised $200m from an eclectic range of investors reported to include former Starbucks CEO Howard Schultz, and celebrities Oprah Winfrey and Natalie Portman. Other investors included Jay-Z’s Roc Nation entertainment company, US private investment firm Orkila Capital and an investment arm of Netherlands-based Rabobank.
Founded in 1990, Oatly is majority-owned by Belgian investment firm Verlinvest, which also has stakes in ethical chocolate brand, Tony’s Chocolonely, coconut beverage maker Vita Coco, and 400-strong Indonesian coffee chain, Kopi Kenangan.

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