Oprah-backed vegan brand Oatly officially files IPO
Oatly supported by Oprah Winfrey, the oat milk food brand that has catapulted to stardom following its bizarre Super Bowl commercial, officially filed documents for an initial public offering on Monday. The company plans to list on Nasdaq under the symbol OTLY.
As part of its updated F-1 record with the Securities and Exchange Commission, the company said it made $ 421.4 million in revenue in 2020, up from $ 204 million in 2019. Its losses for the year increased to $ 60.4 million, from $ 35.6 million per year. one year earlier.
The Sweden-based company, which is replacing oat milk with dairy in vegan products like coffee creamers, yogurt and ice cream, has bold name investors on Wall Street and Hollywood Boulevard. The Blackstone Group, former Starbucks CEO Howard Schultz and actress Natalie Portman have joined Winfrey as some of the company’s backers.
Oatly has hired Morgan Stanley, JPMorgan and Credit Suisse as underwriters on the offer, which could be valued at more than $ 5 billion, sources say told Reuters.
The brand’s IPO plans come as the popular milk alternative continues to saturate traditional grocery stores and coffee chains. Starbucks announced in December that it roll oat milk at all of its locations across the country starting this spring, following a successful trial at 1,300 regional cafes. And coffee competitor Dunkin ‘launched its Oat milk latte in stores nationwide last spring.
News of its intention to go public comes as the brand continues to gain cult following. When the brand sold its Oatmilk Barista Edition in 2019, 12 drink packs were selling for up to $ 226 on Amazon. (A 32-ounce carton costs $ 4.99.)
The company also made headlines in February for its Super Bowl commercial, in which CEO Toni Petersson sings oat milk in a field for the entire 30-second announcement.