The oat milk giant announced yesterday that the brand had confidentially filed for an IPO with the US Securities and Exchange Commission.
Oatly has filed for a proposed initial public offering with the US Securities and Exchange Commissions, in a move forecast by experts months ago.
While the official numbers of shares and price range have not been determined, Reuters reported that insiders said it could be valued at more than $5 billion, and possibly up to $10 billion.
The company reached a $2 billion evaluation last year after a $200 million investment from a group including Oprah Winfrey, Natalie Portman, Howard Schultz and, controversially, Blackstone.
The latter is owned by Stephen Schwarzman, who has ties with former US president Donald Trump, and the group is linked to deforestation in the Amazon rainforest. The brand publicly defended the funding in a statement, explaining that being backed by the investment group could help drive more large investors to fund green and sustainable brands. This led to many consumers boycotting Oatly products.
Earlier this month, Oatly became a talking point after an unorthodox 30-second commercial spot in the Super Bowl, with its CEO Toni Petersson singing ‘Wow, no cow’ in an oat field.
Based in Malmö and operating in 20 countries, it is the world’s largest oat milk company, whose product range includes oat milk, creamers, custards, yoghurts and ice creams. The IPO for Oatly comes as the sector has undergone massive growth in terms of demand and consumption, with oat milk overtaking soy milk as the second most popular plant-based milk in the US market in 2020.
“The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions,” the company said in a press release.