Celebrity-backed oat-milk maker Oatly Group AB priced its initial public offering at the top end of its range to bring the company’s valuation to $10 billion, the WSJ reported.
- Oatly Group priced its IPO at $17 a share to raise $1.43 billion from selling 84.4 million American Depositary Shares.
- The company earlier priced its IPO between $15 to $17 apiece, to raise between $1.27 billion and $1.43 billion.
- The company is banking on the firm being in the consumer market to escape the weakness in the broader market.
- Oatly will start trading on the Nasdaq Stock Market under the symbol OTLY on Thursday.
- The company’s backers include Oprah Winfrey, Natalie Portman, Blackstone Group Inc., and Verlinvest.
- Oatly sold a 10% stake to a group of celebrities for $200 million in July at a valuation of $2 billion.
- The firm reported a $60.4-million net loss in 2020 versus $35.6 million in 2019 while revenues more than doubled to $421.4 million from $204 million.
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