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UPDATE 1-Oat milk maker Oatly seeks $10 billion valuation in U.S. IPO

05/11/2021 07:41
UPDATE 1-Oat milk maker Oatly seeks $10 billion valuation in U.S. IPO

Adds details on IPO

- Sweden-based vegan milk maker Oatly plans to raise $1.43 billion in a U.S. initial public offering, aiming for a valuation of $10 billion as dairy alternatives become popular in supermarkets and cafes.

The company, whose investors include Oprah Winfrey, rapper Jay Z and former Starbucks Corp chief Howard Schultz, expects to offer about 84 million American Depositary Shares (ADS) priced between $15 and $17 per piece, a regulatory filing showed on Tuesday.

About 20 million of those shares were from existing investors.

The plant-based food sector has been a favorite among investors this year, as an increasing number of cafes and upscale restaurants create new menus to tap surging demand for vegetarian or vegan products.

Starbucks and Oatly partnered earlier this year to launch new beverages across the United States.

Oatly will list its shares under "OTLY" on Nasdaq, the company said.




(Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath)

(([email protected]; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 4822/ Twitter: @niveditabalu;))