Oatly Group AB filed official documents Monday for its first public offering in the United States, nine months after private equity firm Blackstone Group. Inc.
And a handful of famous celebrities have taken a toll on the oat milk maker.
Swedish company Malmö entered the US market in 2017 with alternative dairy products that are popular with consumers looking for healthier alternatives with less impact on the environment.
Last July, The Wall Street Journal reported that it had sold a $ 200 million stake to a Blackstone-led group and includes Oprah Winfrey, Natalie Portman, former Starbucks Corp. head Howard Schultz and entertainment company founded by Jay- Z sells about 10% of the stake, worth Oatly about $ 2 billion. In February, oat milk producers filed for a confidentiality IPO in the United States.
The retail value of the plant-based dairy industry in America is expected to reach $ 7 billion by 2025, according to Euromonitor data.
The growing demand for plant-based alternatives has put pressure on dairy companies like Dean Foods. Co., Ltd.
It was filed for bankruptcy in 2019.Meanwhile, companies focused on plant-based alternatives have seen a decline in consumer and investor demand in recent years. For example, a stock of plant food maker Beyond Meat. Inc.
A 441% increase since going public in 2019.
As part of a filing on Monday, the company said it had revenues of $ 421.4 million in 2020, compared with $ 204 million in 2019.However, its losses this year rose to $ 60.4 million, compared with $ 35.6 million. In previous years
Oatly plans to raise $ 100 million from the sale of its deposited shares in America, the placeholder company is often used to calculate filing fees and is often changed. It did not disclose the number of advertisements intended to be made public, according to registration documents filed with the Securities and Exchange Commission on Monday.
The company plans to advertise on the NASDAQ stock market under the symbol OTLY.
The company, which was founded in 1994, launched the first oat milk product under the Oatly brand in 2001.Oatly says the oat milk production process, which involves soaking oats in water, uses less water than making milk. Almond In addition to oat milk, the company makes products such as ice cream, yogurt, and spreads.
Oatly plans to use the proceeds from the offering as working capital and investing in corporate growth and objectives.
Write to Kimberly Chin at firstname.lastname@example.org.
Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared on April 20, 2021 in a printed version of ‘Celebrity-Backed Oatly Files Its Paperwork for IPO’