Vegan oat milk brand Oatly for IPO on the Nasdaq
After submitting its IPO in February, the Swedish vegan oat milk brand Oatly filed for an IPO with the US Securities and Exchange Commission. The company will trade on the Nasdaq Stock Market under the ticker “OTLY”. Although additional information such as price, IPO, and stock number is not yet known, the SEC requires companies that have filed in confidence to post the filing in no less than 15 days so that Oatly can go public anytime after May 4th.
Last July, the oat milk brand received a $ 200 million investment from a group of investors led by stock giant Blackstone Group along with media mogul Oprah Winfrey, vegan actress Natalie Portman, former Starbucks CEO Howard Schulz and the founded entertainment agency Roc Nation applied by rapper Jay-Z). While the brand is widespread in many parts of Europe, Oatly’s popularity in the United States began around 2017 in coffee shops across New York City. Since then, the brand has expanded into retail with partnerships like Target and has landed on the menu at Dunkin ‘and Starbucks across the country. Oatly products are currently available in 60,000 retail stores and more than 30,000 cafes worldwide.
According to Oatly’s IPO prospectus, the company had sales of approximately $ 421.4 million in 2020, more than double its 2019 profit, although Oatly posted profit losses in both years ($ 35.6 million or $ 60.4 million), its cash and cash equivalents increased from $ 10.6 million in 2019 to $ 105.4 million in 2020.
Vegan brands go public
Oatly will soon be the latest vegan brand to go public after Beyond Meat’s successful IPO. On the first day of trading in May 2019, share prices rose by up to 163 percent. In Canada, the Very Good Food Company (VGF), the parent company of the Canadian vegan brand The Very Good Butchers (VGB), posted an 800 percent increase in share value after the first few days of trading on the Canadian Stock Exchange (CSE) in June 2020. More recently, Global Local Technologies Inc. – parent company of the vegan fast food chain Globally Local – began trading on the Toronto Stock Exchange (TSE) Venture Exchange under the symbol GBLY, making it the first publicly traded vegan fast food Chain in the world.