Oatly Group Reveals $60 Million Loss in IPO Filing

Vegan food and drink maker Oatly, backed by Oprah Winfrey and Jay-Z, reports a $60 million 2020 loss as part of its filing to go public.
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Vegan food and drink maker Oatly Group reported a $60 million loss last year as part of its filing to go public in the United States.

The Malmo, Sweden-based company, in a filing with the Securities and Exchange Commission, listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. 

Its existing investors will also sell shares as part of the offering, according to the filing.

Oatly reported a $60 million loss on $421 million of revenue in 2020, compared with a loss of $36 million on revenue of $204 million the previous year, according to the filing. 

Oatly plans to list its shares on Nasdaq Global Select Market under the symbol "OTLY."

Founded in 1994 by brothers Rickard and Bjorn Oste, Oatly claims to be the “world’s original and largest oat milk company.” The company has focused on using technology based on research from Sweden’s Lund University to turn fiber-rich oats into liquid food.

Oatly is an exclusive oat milk provider to Starbucks  (SBUX) - Get Report in the U.S. and China. The company’s investors included Chinese conglomerate China Resources Co., Belgium-based private equity firm Verlinvest and Blackstone Group  (BX) - Get Report, among others.

In July, Oatly secured $200 million in new capital from investors led by Blackstone. The group also included celebrities such as Oprah Winfrey and Jay-Z, as well as former Starbucks founder Howard Schultz. The company was valued at about $2 billion in the round.

Oatly had been exploring a U.S. listing back in February that at the time valued the company at around $10 billion.