Trendy Swedish sub-dairy brand Oatly is looking for a list of US exchanges that could value the business up to $ 10 billion (£ 7.1 billion).
Malmö-based Oatly is rising as global demand for plant-based milk alternatives increases. The free float follows last summer when a minority stake was sold to a star investor group that includes US private equity firm Blackstone, Oprah Winfrey and Jay-Z. This deal valued the company $ 2 billion.
On Tuesday, Oatly said he had filed a confidential file with the US Securities and Exchange Commission for the initial public offering (IPO). In the brief statement, the number of shares sold and the price range have not yet been decided.
Oatly experienced stratospheric growth thanks to the combination of guerrilla marketing and good timing as more and more people adopted the vegan or vegetarian diet. In 2019, its sales nearly doubled to $ 200 million, and it was expected to do the same in 2020.
Though founded in the early 1990s, Oatly was little known outside of Sweden until Toni Petersson arrived as managing director in 2012. The entrepreneur highlighted the brand with pitch that oat milk is better for the planet than cow’s milk.
Someone who drinks for the first time says “it tastes like shit!” When he said, the company printed the look on their cardboard. Petersson was standing in a field with the synthesizer and said, “Wow, no cows!” Including singing his song, he also appeared in his commercials. over and over.
Recently, the brand has faced backlash from climate and political activists due to Blackstone’s presence in the stock register, headed by Trump donor Stephen Schwartzman.
Oatly’s recipe was created by Prof Rickard Öste, who co-founded the company with his brother Björn. Öste’s patents support the manufacturing process and the academic continues to be the company’s head of science.