Oprah’s Oatly milks lofty $10bn valuation ahead of US trading
Oat-milk maker Oatly has secured a valuation of an eyewatering $10bn today, securing a lofty share price amid rocky stock market trading.
The Swedish brand’s initial public offering (IPO) raised $1.43bn, with shares pricing in at $17 this morning, towards the high end of expectations, according to the Wall Street Journal.
Oatly had its sights set on raising between $1.27bn and $1.43bn by selling around 84.4m US depositary shares at $15 to $17 each, according to a regulatory filing.
The company has soared well past its July valuation of $2bn, after it announced a deal to sell a 10 per cent stake to a group of celebrity backers and Blackstone for $200m.
The vegan-beloved brand, which boasts famous supporters like Oprah Winfrey and Natalie Portman, will begin trading on the Nasdaq market tomorrow.
Pricing at the high end of the range is a positive sign for the company, as many have tumbled under the pressure in their first days of trading.
Deliveroo and Alphawave both plunged heavily on the London Stock Exchange after securing pricey valuations earlier this year.
Meanwhile, the Nasdaq index has fallen 4.8 per cent in May so far.