Oatly Group AB has formally filed proceedings Monday for a first public offering in the U.S., nine months after private equity giant Blackstone Group Inc. and a handful of renowned celebrities participated in the oat milk producer.
The Malmö, Sweden-based company entered the US market in 2017 with its alternative dairy products that have grown in popularity among consumers looking for healthier options and with less impact on the environment.
Last July, the Wall Street Journal reported that the company had sold a $ 200 million stake to a Blackstone-led group that included Oprah Winfrey, Natalie Portman, former Starbucks Corp boss Howard Schultz and the company. entertainment founded by Jay-Z. The sale of approximately 10% of the stake valued Oatly at about $ 2 billion. In February, the oatmeal maker confidentially requested a IPO in the US
According to Euromonitor, the retail value of the vegetable dairy industry in the Americas is expected to reach $ 7 billion by 2025.
The growing appetite for plant-based alternatives has put pressure on dairy companies like Dean Foods Co., which filed for bankruptcy in 2019. Meanwhile, companies focused on plant-based alternatives have seen consumer and investor demand it took off recently years. For example, the actions of plant food manufacturer Beyond Meat Inc. they have increased 441% since it went public in 2019.