Celebrity-backed vegan food and oat-milk maker Oatly Group said its initial share offering was priced at $17, the high end of expectations, raising $1.43 billion in fresh capital and giving the company a valuation of roughly $10 billion.
The Swedish company backed by stars including Oprah Winfrey, Natalie Portman and Jay-Z originally set its sights on raising between $1.27 billion and $1.43 billion by selling roughly 84.4 million shares at a price of $15 to $17 a share.
Founded in 1994 by brothers Rickard and Bjorn Oste, Oatly claims to be the “world’s original and largest oat milk company.” Oatly has focused on using technology based on research from Sweden’s Lund University to turn fiber-rich oats into liquid food.
Also backed by Starbucks founder Howard Schultz, Oatly is an exclusive oat milk provider to Starbucks in the U.S. and China. The company’s investors include Chinese conglomerate China Resources Co., Belgium-based private equity firm Verlinvest and Blackstone Group.
Oatly and its lead underwriters, which include Morgan Stanley, JPMorgan Chase and Credit Suisse, are hopeful Oatly’s IPO will be more successful than other recent public offerings due to it being a consumer name rather than a technology company, according to reports.
In July, Oatly announced a deal to sell a 10% stake to the group of celebrities including Winfrey and Portman as well as Blackstone for $200 million, valuing the company at $2 billion.
Oatly reported a $60 million net loss on $421 million revenue in 2020, compared with a loss of $36 million on revenue of $204 million the previous year, according to the earlier filing.