Oatly Group, a Swedish vegan food company known for its oatmilk, raised $1.4 billion by offering 84.4 million ADSs (23% insider) at $17, the high end of the range of $15 to $17. Existing shareholders Luxor, Santo Domingo Group, and K2 planned to purchase $135mm of shares directly from insiders, including the CEO and CFO, in a concurrent private placement, and Baillie Gifford had indicated on $500mm of the IPO (36% of the deal). At pricing, Oatly commands a fully diluted market value of $10.1 billion, 6% higher than previously anticipated.
Oatly Group plans to list on the Nasdaq under the symbol OTLY. Morgan Stanley, J.P. Morgan, Credit Suisse, Barclays, Jefferies, BNP Paribas, BofA Securities, Piper Sandler, and RBC Capital Markets acted as lead managers on the deal.
