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.
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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 soar in recent years. For example, stocks of plant food manufacturer Beyond Meat Inc.
they have increased 441% since it went 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 expanded to $ 60.4 million. dollars, compared to $ 35.6 million a year earlier.
Oatly plans to raise $ 100 million by selling its U.S. depository shares, a position marker figure that companies typically use to calculate filing fees and that is often modified. According to registration documents filed with the Securities and Exchange Commission on Monday, it did not disclose how many ads it intends to offer to the public.
The company plans to list its ads on the Nasdaq stock market with 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 dipping oats in water, consumes less water than making almond milk. In addition to oat milk, the company manufactures products such as ice cream, yogurt and cakes.
Oatly plans to use the profits from the offering for working capital and invest in its growth and other general corporate purposes.
Write to Kimberly Chin to [email protected]
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It appeared in the April 20, 2021 print edition titled “Oatly Backed Backup Celebrity Files Its Paperwork for an IPO”.