Swedish oat milk brand Oatly to float on US market with US$10bn valuation
The plant-based milk alternative producer is backed by Blackstone, Oprah Winfrey and Jay-Z
Swedish oat milk brand Oatly has confirmed plans to list on the US market though it has not confirmed the price or how many shares will be issued.
It is estimated it could be valued as much as US$10bn (£7.1bn), according to media reports.
Owned by Havre Global AB, Oatly has enjoyed a boom in trading as consumers worldwide seek more sustainable alternatives to cow milk, which are also perceived to be healthier.
Headquartered in Malmö, Sweden, its oat-based milk and related products, such as yogurt and ice cream, are sold in more than 20 countries globally.
It was founded in 1994 as a university spin-off,but it became popular internationally after 2012 when Toni Petersson joined as chief executive, stressing the positive environmental impact to drive up sales.
However, climate activists turned sour last year after a US$200mln (£157mln) cash call that involved Blackstone, a private equity firm headed by Trump donor Stephen Schwartzman, previously accused of having links to deforestation in the Amazon, The Guardian reported.
The sale of the US$200mln minority stake, which valued the firm at US$2bn, also involved celebrity investors such as Oprah Winfrey and Jay-Z.
Oatly is also backed by Belgian investor Verlinvest, state-owned China Resources and Nordics venture capital firm Industrifonden.
Read More: Swedish oat milk brand Oatly to float on US market with US$10bn valuation