Oatly Group, the vegan food and drink maker that touts the sustainability of its products, filed for a US initial public offering as its losses and sales increase.
The Malmo, Sweden-based company in a filing Monday with the US Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. Its existing investors will also sell shares as part of the offering.
Oatly reported a $60m net loss on $421m revenue in 2020, compared with a loss of $36m on revenue of $204m the previous year, according to the filing.
Oatly, founded in 1994, said it’s the "world’s original and largest oat milk company." It also highlighted the sustainability of its products, as younger customer favour items with positive societal and environmental impact.
"A liter of Oatly product consumed in place of cow’s milk results in around 80 per cent less greenhouse gas emissions, 79 per cent less land usage and 60 per cent less energy consumption," the company said in its filing. The company said 92 per cent of generation Z and 90 per cent of millennials – customers less than 40 years old – would act in support of a “purposeful brand.”
In July, Oatly secured $200m in new capital from investors led by Blackstone Group. The group also included celebrities such as Oprah Winfrey and Jay-Z, as well as former Starbucks founder Howard Schultz. The company was valued at about $2 billion in the round.
In February, Oatly had been exploring a US listing at a value of around $10bn, Bloomberg News reported.
Oatly was started by brothers Rickard and Bjorn Oste. Using technology based on research from Sweden’s Lund University, the company turns fiber-rich oats into liquid food.
Oat milk, which was essentially non-existent in the US before Oatly’s entrance, saw a 151 per cent jump in sales in dollar terms at retail outlets during the 52-week period ended March 13, according to NielsenIQ.
The plant-based dairy category as a whole rose 20 per cent during the same period. By sales, oat milk is the second-most popular option after almond milk.
The drink’s popularity has led to supply shortages in the US following a delay related to the coronavirus pandemic in the construction of a production facility, Bloomberg News reported last month.
Starbucks, which expanded the sale of Oatly products across its 15,000 US cafes on March 2, has said it’s dealing with temporary stock issues.
Oatly is an exclusive oat milk provider to Starbucks in the US and China. The company’s investors included Chinese conglomerate China Resources, Belgium-based private equity firm Verlinvest and Blackstone Group, among others, according to its filing.
Morgan Stanley, JPMorgan Chase and Credit Suisse are leading the offering. Oatly plans to list its shares on Nasdaq Global Select Market under the symbol OTLY.
MWTC
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- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Specs
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Overall standings
1. Christopher Froome (GBR/Sky) 68hr 18min 36sec,
2. Fabio Aru (ITA/AST) at 0:18.
3. Romain Bardet (FRA/ALM) 0:23.
4. Rigoberto Uran (COL/CAN) 0:29.
5. Mikel Landa (ESP/SKY) 1:17.
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Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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Director: Goran Hugo Olsson
Rating: 5/5
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test India won by innings and 53 runs at Colombo
- 3rd Test August 12-16 at Pallekele
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UAE currency: the story behind the money in your pockets
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
BRIEF SCORES
England 353 and 313-8 dec
(B Stokes 112, A Cook 88; M Morkel 3-70, K Rabada 3-85)
(J Bairstow 63, T Westley 59, J Root 50; K Maharaj 3-50)
South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)
Result: England won by 239 runs
England lead four-match series 2-1
