Another plant-based food company – this one backed by big names – prepares to go public.
Swedish-based oat milk Oatly – whose investors include Oprah Winfrey, Jay Z and former Starbucks CEO Howard Schultz - is aiming for a valuation of about 10 billion dollars in a U.S. initial public offering amid increasing consumer demand for plant-based dairy products.
The largest oat milk company in the world, Oatly sells its products in more than 7,500 retail stores and about 10,000 coffee shops across the U.S. since entering the market in 2017.
It plans to use proceeds from the IPO in part to help fund its expansion.
The plant-based food sector is luring more investors as a growing number of upscale restaurants, supermarkets and fast-food chains add plant-based items. Starbucks offered two new beverages with Oatly, both soon becoming crowd-favorites.
Impossible Foods, the maker of plant-based burger patties, is also preparing for a public listing which could value the company at around 10 billion dollars or more, Reuters reported in April. This comes after Beyond Meat's block buster IPO in 2019.
Oatly plans to raise about 1.4 billion dollars through the IPO.