Oatly Group, a Swedish vegan food company known for its oat milk, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise up to $1 billion.
Oatly produces a portfolio of plant-based alternatives to dairy products including milks, ice cream, yogurt, cooking creams, spreads, and on-the-go drinks. As of December 31, 2020, the company offered dozens of product lines and varieties across approximately 60,000 retail doors and 32,200 coffee shops worldwide, as well as e-commerce channels. The company recently expanded its production capacity, opening new factories in the Netherlands and US. In 2020, Oatly contributed the highest amount of sales growth to the dairy alternatives drinks category in the UK, Germany, and Sweden.
The Malmo, Sweden-based company was founded in 1994 and booked $421 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol OTLY. Oatly filed confidentially on February 12, 2021. Morgan Stanley, J.P. Morgan, Credit Suisse, Barclays, Jefferies, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
