Swedish oat milk brand Oatly prepares Nasdaq IPO
Swedish oat milk brand Oatly (OTLY) is expected to list on Nasdaq on Thursday.
The group is targeting a valuation of US$10bn, pricing shares at US$15-17 a pop, Reuters reported.
READ: The ‘millennial’ stocks to watch as Oatly and Bumble IPOs take the market by storm
The IPO would raise proceeds of around US$1.4bn by placing 65mln American depositary shares and an extra 20mln shares from existing shareholders.
Owned by Havre Global AB, Oatly has enjoyed a boom in trading as consumers worldwide seek more sustainable alternatives to cow milk, which are also perceived to be healthier.
Headquartered in Malmö, Sweden, its oat-based milk and related products, such as yoghurt and ice cream, are sold in more than 20 countries globally.
It was founded in 1994 as a university spin-off, but it became popular internationally after 2012 when Toni Petersson joined as chief executive, stressing the positive environmental impact to drive up sales.
However, climate activists turned sour last year after a US$200mln (£157mln) cash call that involved Blackstone, a private equity firm headed by Trump donor Stephen Schwartzman, previously accused of having links to deforestation in the Amazon, The Guardian reported.
The sale of the US$200mln minority stake, which valued the firm at US$2bn, also involved celebrity investors such as Oprah Winfrey and Jay-Z.
Oatly is also backed by Belgian investor Verlinvest, state-owned China Resources and Nordics venture capital firm Industrifonden.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/949942/swedish-oat-milk-brand-oatly-prepares-nasdaq-ipo-949942.html
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