Oatly Group AB, the Swedish oat milk company, hopes to raise up to $1.65 billion in an initial stock issue that started selling May 11.
The initial public offering will comprise 84,376,000 shares, to be traded on the Nasdaq Global Select Market, the Nasdaq tier with the highest standards. The initial asking price is $15 to $17 a share. There will also be a 30-day option for the IPO underwriters to buy an additional 12,656,400 shares.
Oatly was the world’s first major oat milk processor and the first to build an oat milk plant in the United States. It had sales of $421.4 million in 2020, but posted a net loss of $60.4 million for the year, according to the company’s IPO filing. In the filing paperwork, Oatly calls the loss “a result of our continued focus on our growth” and says, “Going forward, we intend to continue to invest in our innovation capabilities, build our manufacturing footprint and expand our consumer base, all supporting our growth trajectory.”
Oatly had drawn private funding before the IPO, with private industry firm Blackstone Group taking a 10% stake for $200 million last summer. It also attracted investments from celebrities including Oprah Winfrey, Natalie Portman and Jay-Z.
Oat milk is a rising category, with Coca-Cola, Danone, Chobani and other major processors entering the market.