The Next Plant IPO: Oatly Reported To Be Seeking US$10B Valuation In U.S. Listing This Year

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Oatly could be seeking a value of US$10 billion in a U.S. initial public offering, according to a new report from Bloomberg. The Swedish food tech behind one of the recognisable plant-based milk brands on the market has been backed by the likes of Oprah and controversial investment firm Blackstone, and is said to be working with advisers on going public as soon as May this year. 

The Malmo-based firm is reported to be working on an U.S. public listing with a valuation of around US$10 billion that could come in May this year, sources familiar to the matter told Bloomberg. According to the report, discussions are still ongoing and more specific details of the size and timing of the IPO could still change in the coming weeks. 

For now, Oatly will be going ahead with a U.S. listing, though it did consider going public in Hong Kong as well, said the sources, without citing reasons behind the decision. Talk of Oatly’s debut – which has been going on for weeks – will no doubt attract investors, given its status as a major plant-based player sharing the same ranks as the world’s first public vegan food tech, Beyond Meat

Oatly’s range of oat-based alternative dairy products, including milk, yoghurt, cream, ready-made beverages and ice cream.

The move to go public would come at a time when oat milk sales have surged to become the second most popular in the fast-growing plant-based milk category and as high-profile startups continue to debut on the raging IPO market. Oatly’s own sales have seen triple-digit annual growth for three consecutive years, and it is expected to be profitable this year if it manages to record a doubling of its U.S. revenues to US$400 million

These latest updates of Oatly’s upcoming IPO, which the brand has still yet to confirm on the record, comes shortly after its major global expansion. It has landed in Singapore for the first time in late 2020, following the coffee giant’s roll out of new plant-based options in eight Asian markets and a landmark nationwide partnership with Starbucks China, alongside fellow plant-based startups OmniFoods and Beyond Meat. 

Oatly recently landed a partnership with coffee chain giant Starbucks in major markets across Asia.

Most recently, the bold oat milk maker also caused a stir recently for its Super Bowl commercial featuring its CEO Toni Petersson singing his original song “Wow, No Cow” in a field of oats, which ignited a wave of comments all over Twitter – no doubt a part of its plan to reach the millions of mass consumers who tune into the event each year and propel even further the mainstreaming of plant-based milk.  

For the most part, the advert wiped away the far more negative attention it received after former fans lodged a boycott against Oatly regarding its US$200 million investment it received from deforestation-linked firm Blackstone, whose CEO Steve Schwarzman is a major donor to Donald Trump Super PACs. 

All images courtesy of Oatly.


  • Sally Ho

    Sally Ho is Green Queen's former resident writer and lead reporter. Passionate about the environment, social issues and health, she is always looking into the latest climate stories in Hong Kong and beyond. A long-time vegan, she also hopes to promote healthy and plant-based lifestyle choices in Asia. Sally has a background in Politics and International Relations from her studies at the London School of Economics and Political Science.

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