Plant-based milk company Oatly — who has such celebrities as Oprah and Jay-Z amongst its multitude of backers — has just filed to go public, and is seeking a $10 billion valuation.
According to the Daily Mail, the Swedish-based company filed the initial public offering (IPO) paperwork on Tuesday, Feb. 23, 2021. The company, which has such banking corporations as Morgan Stanley, JPMorgan, and Credit Suisse as underwriters on the offering, sells its products to more than 20 countries across Europe and Asia, in addition to its huge presence in the United States.
“Oatly raised a $200 million equity investment in July last year from a group led by Blackstone Group that includes Oprah Winfrey, Natalie Portman, and former Starbucks Corp chief Howard Schultz,” reported the outlet. “The new investors also included Jay-Z’s entertainment company Roc Nation, Orkila Capital, and Rabobank’s Rabo Corporate Investments.”
In July of 2020, the company was valued at $2 billion, according to PitchBook. Interest in the company reportedly spiked after its unusual Super Bowl commercial, which you can see below.
However plant-based products, as a whole, have been on the upswing in popularity, thanks in no small part to millennial and Gen Z consumers, who are interested in products that are both healthy and environmentally conscious and sustainable.