Fashionable Swedish alternative milk brand Oatly is on the hunt for a U.S. stock quote that could value the company up to $ 10 billion ($ 7.1 billion).
Malm-based Oatly is skyrocketing as global demand for plant-based milk substitutes soars. The IPO follows the sale last summer of a minority stake to a star-studded group of investors that included US private equity firm Blackstone, Oprah Winfrey and Jay-Z. This deal valued the company at $ 2 billion.
On Tuesday, Oatly said it filed a confidential dossier for an initial public offering (IPO) with the United States Securities and Exchange Commission. The number of shares sold and the price range have yet to be decided, he said in a short statement.
Oatly has experienced stratospheric growth thanks to the combination of guerrilla marketing and the right timing as more people adopt a vegan or vegetarian diet, with sales nearly doubling to $ 200 million in 2019 and are expected to grow. the same in 2020.
Although founded in the early 1990s, Oatly was little known outside Sweden until Toni Petersson took over as managing director in 2012. The entrepreneur made the brand stand out by claiming that milk from oats are better for the planet than cow’s milk.
When a first time drinker said it tastes like shit! the company printed the view on its boxes. Petersson has also appeared in his commercials, including one where he stands in a field with a synthesizer, singing Wow, no cow! again and again.
More recently, the brand has faced a backlash from climate and political activists for the presence of Blackstone, led by Trump donor Stephen Schwartzman, on its stock ledger.
Oatly’s recipe was created by Professor Rickard Ste who co-founded the company with his brother Bjrn. These patents underpin the manufacturing process, and the academic remains the head of the science of the business.
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