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Oatly Raises $13 Billion In IPO Debut, Shares Rise By 30%
24 May 2021
The Swedish oat drink company Oatly’s shares have soared by 30% in its debut in the market on 21 May 2021, resulting in the company’s valuation of $13 billion. The company estimated a valuation of $10 billion when it first announced its IPO.
Oatly, trading under the ticker OTLY on the Nasdaq, is backed by celebrity investors such as Oprah Winfrey and musician Jay-Z. It also counts former Starbucks head Howard Schultz as an investor.
Oatly started trading at $22 per share, and now values at $13 billion. It raised $1.4 billion on Wednesday, when it was trading at $17 per share.
"The proceeds that we're going to get is going to be used to build out the capacity across these three continents, where we are building the demand," said Toni Petersson, chief executive, Oatly. "Demand keeps organically increasing all the time. So we have had a hard time keeping up."
Oatly markets itself as a sustainable alternative to dairy and uses a patented enzyme-treatment technology. The company has gained popularity in the U.S. and European countries, and has branched out into the lucrative Asian markets in the past year. It is available in several Indian baristas as well as Starbucks India. Recently, Oatly also teamed up with Singaporean food and beverage company Yeo Hiap Seng to set up a manufacturing facility in the country.
Image Courtesy: Oatly
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