The oat milk brand priced 84mln shares at US$17 a pop, which was at the top of its range, implying a market cap of US$10bn.
The Swedish company was founded 25 years ago but has enjoyed a boom in trading recently, as consumers worldwide seek more sustainable alternatives to cow milk. Plant-based options are also perceived to be healthier.
Our listing on Nasdaq (OTLY) will allow us to build the factories we need so there’s enough Oatly to go around and continue to create amazing new plant-based products that help us turn the corner on climate change and keep this planet available for those of us yet to be born.
— Oatly (@oatly) May 20, 2021
Headquartered in Malmö, Sweden, its oat-based milk and related products, such as yoghurt and ice cream, are sold in more than 20 countries globally.
The group is backed by a roster of celebrities, including Oprah Winfrey and Jay-Z, and institutions such as Belgian investor Verlinvest, state-owned China Resources and Nordics venture capital firm Industrifonden.
Anybody investing in oatly today?
— Soul Eubanks Ⓥ (@soul_eubanks) May 20, 2021
However, it’s a crowded market for milk alternatives, with consumer goods giant Nestlé launching its pea-based drink Wunda earlier this month.
Oatly could also be joined by Chobani, which makes yoghurt and oat-based milk, on the stock market later this year, with the Wall Street Journal reporting a mooted US$7-10bn IPO.