Wow, No Cow! Oatly submits plans for an IPO

In a statement​​ on its website, the brand - which generated a lot of buzz with a polarizing Super Bowl commercial featuring its CEO singing 'Wow, No Cow' in a field - said it had confidentially submitted a filing with the SEC on a proposed IPO.

The number of shares to be offered and the price range have not yet been determined, although people close to the matter told Reuters​​ it could be valued at “more than $5bn, possibly up to $10bn.”​

Oatly​​ ​​- which is based in Malmö, Sweden and has operations in 20 countries -  launched in the US in coffee shops in late 2016 with a 3% fat barista edition, and now supplies thousands of stores with a range of oatmilks, frozen desserts and 'oatgurt.'

It initially struggled to keep up with explosive demand​​ (oatmilk recently overtook soymilk to become the #2 player in the US plant-based milk category behind almondmilk, generated triple digit growth last year), but has since opened production facilities in New Jersey and Utah, and works with a network of co-packers.

In July, Oatly sold a $200m stake — roughly 10% of the company — to a group of start-studded group of investors including Oprah Winfrey, Natalie Portman, Roc Nation (owned by Jay-Z), ex-Starbucks CEO Howard Schultz, and Blackstone Growth.

Oatly is one of several high-profile food brands mulling an IPO, including Chobani (which has recently moved into the oatmilk category) and Eat Just, with CEO Josh Tetrick telling this publication last year​​ ​​that, “It’s always been my perspective that eventually going public made the most sense in terms of keeping true to the mission of the company, and today that path seems clearer.”​

Chobani founder Hamdi Ulukaya said: ​"An IPO ​ is definitely one exciting direction but whether or not we’re public, we’ll keep disrupting and making things better.”​​​

Pasture-raised egg firm Vital Farms​​​ went public in 2020, while Beyond Meat​​​ went public in 2019.