PE-backed Oatly lists in $10bn IPO

The company made an initial public offering of 64,688,000 American depositary shares (ADS). Purchasing these in private placements were existing shareholders Luxor Capital Group (buying $87m's worth), Santo Domingo Group (buying $31m, advised by Quadrant Capital Advisors), and K2 Global V ($17m). Baillie Gifford Overseas showed an interest in buying up to $500m at the initial public offering price.

The share price during initial trading surged by more than 30% to $22.74. The company, which started trading on the Nasdaq Global Select Market on 21 May under the ticker symbol "OTLY", is valued at $10bn.

In 2016, Oatly was acquired by a joint venture of Verlinvest and China Resources. It also raised $240m in equity from the company's founders and private investors, Industrifonden, Östersjöstiftelsen, Blackstone, Nativus, Roc Nation, Orkila Capital and Rabo Corporate Invest, as well as former Starbucks CEO Howard Schultz, Oprah Winfrey and Natalie Portman.

Morgan Stanley, JP Morgan and Credit Suisse are lead book-running managers for the offering, while Barclays, Jefferies, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets are bookrunning managers.

The volume of European PE-backed assets going public in 2021 is set to reach a four-year high. Anther notable PE-backed IPO this week was that of EQT-backed open-source enterprise software Suse, which listed on the Frankfurt Stock Exchange with a market cap of more than €5bn.

Company
Oatly was founded in 1990 and is based in Malmö. The company uses a patented enzymation process to make milk alterntives, and its products are currently available in more than 50,000 locations in 20 countries. The company in 2020 generated revenues of $421m and has 200-500 staff, according to its LinkedIn profile.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Nordics
• Consumer
• IPO
• Blackstone Group
• Industrifonden
• Rabo Private Equity
• Sweden