Oatly IPO Prospects: To Go Public As OTLY On Nasdaq

28 April 2021

Swedish oat milk giant Oatly announced its initial public offering estimated to be valued at $10 billion earlier this year. The company has filed for the IPO with the United States Securities and Exchange Commission and will be trading on the Nasdaq under the ticker 'OTLY'. 

It may also file for a listing in Hong Kong in the next two years.

Founded 25 years ago by scientists Rickard and Bjorn Oste, the company is valued at $2 billion as of 2020. It counts influential figures such as Jay-Z and Oprah Winfrey as its investors, as well as the Blackstone Group.

According to its IPO prospectus, Oatly secured a $421.4 million revenue in 2020, which grew by 106% since 2019. Its last year's revenue in the U.S. amounted to $100 million. 

The company incurred a net loss of $60 million last year.

Global Expansion

Oatly has also been expanding rapidly with its recent launch in Indian baristas, Starbucks India and a partnership with Yeo's to set up a manufacturing facilities in Singapore. The company is planning to expand further through the capital raised from the IPO.

The brand is known for its oat-based drinks, ice creams and yoghurts. Its selling point is it being a sustainable alternative to dairy in a world ridden with climate change.

A recent Good Food Institute report stated that the plant-based sector raised $3.1 billion in 2020, with plant-based meat, dairy and egg accounting for $2.1 billion. Out of this, Oatly raised $200 million and plant-based meat company Impossible Foods raised $700 million.

The plant-based meat sector has been actively growing its global coverage as well with Beyond Meat's expansion in the Chinese and Indian markets and its partnership with PepsiCo, as well as Impossible Food's recent announcement to go public.

Image Courtesy: Oatly