Oatly Group AB, the vegan food and drink maker that touts the sustainability of its products, filed for a U.S. initial public offering as its losses and sales increase…
The Malmo, Sweden-based company in a filing Monday with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. Its existing investors will also sell shares as part of the offering.
Oatly reported a $60 million net loss on $421 million revenue in 2020, compared with a loss of $36 million on revenue of $204 million the previous year, according to the filing.
Oatly, founded in 1994, said it’s the “world’s original and largest oat milk company.” It also highlighted the sustainability of its products, as younger customer favor items with positive societal and environmental impact.
“A liter of Oatly product consumed in place of cow’s milk results in around 80% less greenhouse gas emissions, 79% less land usage and 60% less energy consumption,” the company said in its filing. The company said 92% of generation Z and 90% of millennials — customers less than 40 years old — would act in support of a “purposeful brand.”
In July, Oatly secured $200 million in new capital from investors led by Blackstone Group Inc. The group also included celebrities such as Oprah Winfrey and Jay-Z, as well as former Starbucks Corp. founder Howard Schultz. The company was valued at about $2 billion in the round.
In February, Oatly had been exploring a U.S. listing at a value of around $10 billion, Bloomberg News reported.
Oatly was started by brothers Rickard and Bjorn Oste. Using technology based on research from Sweden’s Lund University, the company turns fiber-rich oats into liquid food.
Oat milk, which was essentially non-existent in the U.S. before Oatly’s entrance, saw a 151% jump in sales in dollar terms at retail outlets during the 52-week period ended March 13, according to NielsenIQ. The plant-based dairy category as…
Continue reading at YAHOO! FINANCE