initial public offerings (IPOs) trading on American exchanges

Thursday, February 25, 2021

Oatly files for IPO; valued at $10 billion

Swedish oat milk maker Oatly, which is backed by prominent celebrity investors including 
Oprah Winfrey and Jay Z, plans to go public by filing for an IPO with the Securities and Exchange Committee on Tuesday. The company did not outline how many shares it would sell or what pricing range the stock might debut at, but a report from Bloomberg said shares could be priced to value the company at $10 billion.

The move comes amid rising demand for plant-based milk alternatives as consumers seek better-for-you beverages with environmental credentials.

The company follows in the footsteps of other plant-based companies that have gone public such as alternative meat company Beyond Meat, which had its IPO in 2019, and Laird Superfood, which listed on the NYSE last year.

Meanwhile, Greek yogurt giant Chobani is reportedly considering going public this year, as is plant-based egg maker and cell-based meat developer Eat Just.

Oatly’s moves in the plant-based arena
Last summer, Oatly raised US$200 million in funding, which saw Oprah Winfrey, Jay Z and Natalie Portman invest in the alt-milk brand alongside other high profiles investors, including Roc Nation, former Starbucks Chairman and CEO Howard Schultz, Orkila Capital, and Rabo Corporate Investments, the investment arm of Rabobank.

Oatly’s patented original oat milk created the fast-growing oat milk category. It is considered a pioneer in the plant-based food space.
Oatly has transformed from a Nordic brand into a global movement by delivering unique, high-quality,
engaging products based on proprietary, patented oat-technology to the new emerging generation of
conscious consumers.

Plant-based portfolio
Oatly has a range of products, including oat milk, ice cream, cold coffee, yogurt substitutes, cooking cream, spread and custard.
It was founded in 1990 from Lund University research. The company’s patented enzyme technology turns fiber-rich oats into a highly nutritious beverage.
The company is located in the southern region of Sweden, with its headquarters in Malmö and the Production and Development Center in Landskrona.

Starbucks tie-up
Following a regional US trial, which saw Oatly milk being used across 1,300 stores in Illinois, Indiana, and Wisconsin, last year, Starbucks is preparing to launch Oatly vegan oat milk in all US stores this spring.

Last September, Starbucks targeted eco-conscious consumers by rolling out more plant-based offerings in selected stores across Asia.

The plant-based range includes products from alternative meat giants Impossible Foods and Beyond Meat, as well as Oatly.

Oatly’s process
In the first phase of the process, Oatly mixes the oats with water and gently grinds the mixture in the grinding room. The natural enzymes convert oat starch into small components, especially maltose (also called malt sugar), which naturally sweetens the products.

During the separation, Oatly removes the bran, that is, the oats’ small shells, leaving loose fibers and betaglucans. Here is an oat base which is a good source of nutrition.
Different ingredients (rapeseed oil, calcium or vitamins) are then added depending on the product. The
products are heat-treated before packaging, with ultra-high temperature (UHT) or pasteurization, to increase their durability.

After the product has undergone heat treatment, the fat droplets are broken down into smaller droplets to ensure that the liquids are properly mixed.

Wednesday, February 24, 2021

PubMatic (PUBM) reported earnings on Tue 23 Feb 2021 (a/h)

  •  The company said revenue in the fourth quarter of 2020 was $56.2 million, up 64% year-over-year.
  • The company’s chief financial officer Steve Pantelick said in a statement that the quarterly growth was driven by advertising strength in e-commerce, technology, personal finance and on streaming video.  

PubMatic beats by $0.02, beats on revs; guides Q1 revs above consensus; guides FY21 revs above consensus
  • Reports Q4 (Dec) earnings of $0.34 per share, $0.02 better than the S&P Capital IQ Consensus of $0.32; revenues rose 63.4% year/year to $56.2 mln vs the $47.57 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees Q1 revs of $38.0-40.0 mln vs. $33.90 mln S&P Capital IQ Consensus.
    • Expect Adjusted EBITDA to be in the range of $8.0 million to $9.0 million, or 21% to 23% margin. 
    • Co issues upside guidance for FY21, sees FY21 revs of $180.0-185.0 mln vs. $168.78 mln S&P Capital IQ Consensus.
    • We expect Adjusted EBITDA to be in the range of $45.0 million to $49.0 million or 25% to 27% margin.
  • Tuesday, February 23, 2021

    Olo files to go public with $100M offering

    Software company Olo filed for an initial public offering on Friday with plans to raise $100 million, according to an S-1 filing.

    • As of Q4 2020, Olo processes 1.8 million orders per day and works with 64,000 restaurant locations and 400 brands, according to the filing. During the past year, the company posted a 94% increase in revenue to $98.4 million. The company said its gross merchandise value for 2020 was $14.6 billion.
    • In response to the pandemic, 70% of Olo's customers said in a survey they provided more off-premise delivery and pickup options. Olo adapted its offerings to include enhancements for curbside pickup and notifications upon customer arrival, according to a press release.  


    Toast considering IPO valued at $20B

    Toast is reportedly considering going public either through an initial public offering, which would value the restaurant technology company at about $20 billion, or a sale or combination with a special purpose acquisition corporation, The Wall Street Journal reports, citing people familiar with the matter.

    Toast was valued at $4.9 billion about a year ago following a $400 million round of fundraising that included Bessemer Venture Partners, TPG, Greenoaks Capital and Tiger Global Management. If its current valuation sticks, Toast would potentially debut at a much higher price than one of its closest competitors, Square, which went public in November 2015 through an IPO valued at $2.9 billion. 

    While the early months of the pandemic were tough on Toast, which laid off or furloughed about half its staff in early April, the company bounced back as restaurants switched to takeout and turned to Toast to help with this transition. Toast also provided over $40 million in financial support to restaurants through various offers, including free software, software-as-a-service relief and access to capital.

    The company processed nearly 50 million guest orders between March and December through its digital ordering technologies.

    Toast also added contactless payment methods last year, which were adopted by almost 25,000 restaurants in 2020. About 40% of restaurant operators added contactless or mobile payment options last year since March, bolstered by the 29% of customers who said they would pick a business that offered contactless or mobile payment over those that didn't, according to NRA's report.