Oatly AB, the Swedish oat-milk processor, started trading May 20 after an initial public offering that raised $1.43 billion.
Oatly shares sold on the Nasdaq exchange for $17 a share, the high end of the range it had projected. At that price, the company has a market value of about $10 billion, according to the Wall Street Journal.
Oatly’s success with its IPO comes in the face of a stock market that has cooled off to the point where other companies are delaying stock offerings. It also comes in spite of Oatly sustaining a loss of $60.4 million last year, on revenue of $421.4 million. That revenue, however, was up 70% from the previous year.
Oatly has been a high-profile company, attracting direct investment from celebrities including Natalie Portman and Oprah Winfrey.