OTLY begins buying and selling on Nasdaq

Oatly shares soared 27% in the course of the firm’s public market debut on Thursday. The inventory’s opening commerce was $22.12 simply earlier than midday, giving it a market worth of $13.1 billion. On Wednesday night time, the Swedish firm priced its U.S. preliminary public providing at $17 per share, on the prime of its


Oatly shares soared 27% in the course of the firm’s public market debut on Thursday.

The inventory’s opening commerce was $22.12 simply earlier than midday, giving it a market worth of $13.1 billion. On Wednesday night time, the Swedish firm priced its U.S. preliminary public providing at $17 per share, on the prime of its indicated vary, elevating $1.4 billion. At that worth, the implied valuation is $10 billion, effectively above the present market worth of one other firm that makes a speciality of making substitutes for animal merchandise, Past Meat. The oat-milk maker is buying and selling on the Nasdaq below the inventory ticker “OTLY.”

Oatly made its U.S. debut in espresso retailers 5 years in the past, constructing a robust following for its oat-based milk substitute. The corporate centered on getting baristas and low drinkers hooked on oat milk’s creamy texture and skill to froth earlier than pushing into grocery shops. Since then, oat milk gross sales have surged, greater than tripling in 2020, primarily based on Nielsen knowledge. Nonetheless, almond milk holds onto the highest spot for dairy substitutes.

Oatly has additionally been increasing its portfolio, branching out into oat-based ice cream and yogurt.

In 2020, Oatly’s income greater than doubled, reaching $421.4 million. Foodservice accounted for 1 / 4 of gross sales, and retailers accounted for the remaining. The corporate reported a web lack of $60.36 million because it centered on getting into new markets, constructing model consciousness and increasing manufacturing.

“I do not see anybody else taking that management place the way in which we’re,” CEO Toni Petersson stated on CNBC’s “Squawk Field” on Thursday. “We’re actually severe and bold about what we’ll do right here.”

Oprah, Natalie Portman and former Starbucks CEO Howard Schultz are among the many large names which have invested in Oatly. State-backed China Sources took a majority stake within the firm in 2016 by means of a three way partnership with Belgium’s Verlinvest, and Blackstone invested $200 million within the firm final yr, giving the agency a stake of about 10%.

Oatly stated in regulatory filings that it plans to make use of the IPO proceeds for working capital, to fund incremental progress and different basic company functions.



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