Oatly Group AB, a vegan food and drink maker from Sweden, just raised more than $1.4 billion in an initial public offering. American depositary shares of the company opened at $22.12, 30% above the IPO price of $17.
The company has been on an upward trajectory over the past few years, as its oat-based, non-dairy milk percolated out of the hipster coffee-shop scene and into the mainstream American refrigerator.
The firm fits squarely alongside a slew of trendy companies, including Beyond Meat Inc. and Impossible Foods, that all cater to consumers increasingly concerned about health and the environmental.
Started way back in 1994 by two brothers, Rickard and Bjorn Oste.
Rickard, a professor of food chemistry, developed an oat-based milk substitute with a team at Sweden’s Lund University. Bjorn, who was an engineer by training, joined his older brother’s venture in 1997. The firm soon developed a cult following.
Oatly reported a $60 million net loss on $421 million revenue in 2020, compared with a loss of $36 million on revenue of $204 million the previous year, according to its IPO filing.
Oat milk, which was essentially nonexistent in the U.S. before Oatly’s entrance, saw a 151% jump in sales in dollar terms at retail outlets during the 52-week period ended March 13, according to NielsenIQ.
No comments:
Post a Comment