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Largest Oat Milk Manufacturer OATLY GROUP Set Terms for $1.4 Billion US IPO

Esther Thin

Oatly Group AB, the largest oat milk manufacturer, has filed Amendment No 1 to Form F-1 Registration Statement on May 11, 2021 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $1.4 billion by offering 84.4 million shares at a price range of $15 to $17. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $9.5 billion.

The company focused on developing expertise around oats: a global power crop with inherent properties suited for sustainability and human health. They unlock the breadth of the dairy portfolio, including milk, ice cream, yogurt, cooking creams, spreads and on-the-go drinks.

The Malmo, Sweden-based company was founded in 1994 and booked $421 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq Global Select Market under the symbol “OTLY.” Morgan Stanley, J.P. Morgan, Credit Suisse, Barclays, Jefferies, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets are underwriters of the IPO.

The company engages White & Case Advokat AB as US Securities Counsel, and Ernst & Young AB as Independent Auditor.

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