Oatly Group AB formally filed documents Monday for an initial public offering in the US, nine months after private equity giant Blackstone Group Inc.
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and a handful of high-profile celebrities have taken a stake in the oatmeal producer.
The Malmö, Sweden-based company entered the US market in 2017 with alternative dairy products that have grown in popularity among consumers looking for healthier options with less impact on the environment.
In July last year, The Wall Street Journal reported that the company had sold a $ 200 million stake to a Blackstone-led group and included Oprah Winfrey, Natalie Portman, former Starbucks Corp. manager Howard Schultz and the entertainment company founded by Jay -Z. The sale of the stock of about 10% valued Oatly at about $ 2 billion. In February, the oat milk producer confidentially submitted a public tender in the USA
The retail value of America’s vegetable dairy industry is expected to reach $ 7 billion by 2025, according to Euromonitor.
Growing appetite for herbal alternatives has put pressure on dairy companies like Dean Foods Co.
, which filed for bankruptcy in 2019. Meanwhile, factory-based alternative companies have seen consumer and investor demand take off in recent years. For example, the actions of the vegetable food producer Beyond Meat Inc.
they have increased by 441% since it became public in 2019.
As part of Monday’s filing, the company said it had revenue of $ 421.4 million in 2020, compared to $ 204 million in 2019. However, its losses for the year expanded to $ 60.4 million. dollars, compared to $ 35.6 million a year earlier.
Oatly plans to raise $ 100 million from the sale of its U.S. depository shares, a substitute figure that companies often use to calculate filing fees and is often changed. He did not disclose how many ADS he intends to offer to the public, according to registration documents filed Monday with the Securities and Exchange Commission.
The company intends to list its ADS on the Nasdaq Stock Exchange under the symbol OTLY.
The company, which was founded in 1994, launched its first oat milk product under the Oatly brand in 2001. Oatly says the process of making oat milk, which involves soaking oats in water, consumes less water than making oat milk. almonds. In addition to oat milk, the company produces products such as ice cream, yogurt and canapés.
Oatly intends to use the proceeds of the working capital offer and invest in its growth and other general purposes of the company.
Write to Kimberly Chin at [email protected]
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It appeared in the April 20, 2021 print edition as “Oatly-Backed-Celebrity-Files” to make a public offering.