Vegan Milk Maker Oatly Pursues potential IPO
Swedish oat milk maker Oatly, which is backed by prominent celebrity investors including Oprah Winfrey and Jay Z, plans to go public by filing for an IPO in the US. The move comes amid rising demand for plant-based milk alternatives as consumers seek better-for-you beverages with environmental credentials. “We’ve taken the first official step toward pursuing a potential IPO by submitting a confidential F-1 registration statement with the Securities and Exchange Commission (SEC) in the US. And due to the confidentiality of the process, we can’t elaborate any further,” said Linda Nordgren, Oatly communication manager.
There is no confirmation over Oatly’s potential value, however, speculation is mounting over Oatly’s potential value, which some estimates put it above US$5 billion, with some even citing US$10 billion. The price and number of shares that could be purchased have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
Oatly wants a New York listing to tap into the IPO boom and the rising trend for plant-based alternatives to animal products. The company follows in the footsteps of other plant-based companies that have gone public such as alternative meat company Beyond Meat, which had its IPO in 2019, and Laird Superfood, which listed on the NYSE last year. Meanwhile, Greek yogurt giant Chobani is reportedly considering going public this year, as is plant-based egg maker and cell-based meat developer Eat Just.