Oat milk maker Oatly to raise $1.4b in IPO

Oatly, the world’s largest oat milk company, will raise $1.4 billion in an initial public offering Thursday on the Nasdaq stock exchange

Oatly, the world’s largest oat milk company, will raise $1.4 billion in an initial public offering Thursday on the Nasdaq stock exchange, capitalizing on a global surge in demand for its products. Oatly priced its shares at $17 apiece ahead of the IPO, giving the company a valuation of nearly $10 billion. It will trade under the ticker symbol “OTLY.” It’s the latest milestone in the rapid rise of oat milk, which is winning consumers —— and famous investors like Oprah Winfrey —— with the message that it’s healthier and more environmentally sustainable than cow’s milk. Once a niche product designed for people who were lactose intolerant, Oatly oat milk is now on the menu at Starbucks, in the grocery aisle at Target and sold online by Alibaba in China. And Oatly, which is based in Malmo, Sweden, thinks oat milk has a lot more growth ahead. Global sales of plant-based dairy products reached $18 billion in 2020, or just 3% of the $600 billion dairy industry, according to Euromonitor.