Oatly has finally begun the process of going public. Its listing on a US stock exchange will take place once the US Securities and Exchange Commission (SEC) completes its review process.
The Swedish-based oat milk company, which was actually formed back in the 1990s, confirmed the move yesterday but remains tight-lipped about the money it intends to raise.
In recent years it has pulled in over $200m (£160m), drawing investment from traditional vehicles like Blackstone, celebrities like Jay-Z, Oprah Winfrey and Natalie Portman, and even an investment wing of the Chinese government. The biggest shareholder of Oatly is the Belgian family-owned investment firm Verlinvest.
The company is rumoured to be seeking a valuation of as much as $10bn. This is a rise of $8bn compared to the $2bn value suggested by July’s investment round.
Oatly’s own sales have seen triple-digit annual growth for three consecutive years, driven by a growth in veganism and health concerns over dairy-rich diets. It is expected to be profitable this year if it manages to record a doubling of its U.S. revenues to US$400 million.
The company has grown massively in its home European markets in recent years. However, the US represents something of a challenge. In the US, almond milk is the top seller, though oat passed soy last year to claim the second most popular spot.