Celebrity-backed Oat-milk maker Oatly Group raised $1.43 billion in IPO at $17 share price, according to the Wall Street Journal. The group planned to generate between $1.27 billion-$1.43 billion by selling 84.4 million American stock shares.
Oatly managed to sell their shares at the best value despite many firms currently finding it hard to list under the volatile stock-market conditions.
Investors are avoiding fast growing companies due to price increases that have taken a downturn in the stock market.
Oatly relied on being a consumer brand to escape some of the vulnerability in the stock market.
Oprah Winfrey, Natalie Portman, private-equity Blackstone Group, and Verlinvest are some of notable investors associated with Oatly.
A deal to sell 10% stake to the celebrities and Blackstone for $200 million in July prized Oatly at $2 billion.
Oatly has been boosted by consumer shifts to more plant-based offerings.
Despite widening net losses to $60.4 million in 2020 against $35.6 million the previous year, Oatly’s revenue more than doubled to $421.4 million in 2020 from $204 million in 2019.
At $17 per share, Oatly will be valued at $10 billion and will start trading on Thursday on Nasdaq under ticker OTLY.
