Family investment group Verlinvest and Chinese state-owned China Resources are one of Oatly’s largest shareholders

Swedish oat milk producer Oatly is set to list on Nasdaq after filing to float on Monday. The prospectus sent to the US Securities and Exchange Commission revealed the company is considering a second listing in Asia.

The Malmo-based company said it will pursue a Hong Kong listing in the case of any “material adverse effect” on its relationship with state-owned Chinese conglomerate China Resources.

Verlinvest, the investment house of the family behind brewing giant AB InBev, and China Resources are Oatly’s largest shareholders. Both firms invested in the alternative milk company in 2016 through a 50-50 joint venture that makes up 60% of the company’s ownership.

The prospectus also revealed that Oatly is planning to raise $100 million in its initial public offering. The company has entrusted Morgan Stanley, JPMorgan and Credit Suisse with leading the offering.

Oatly hasn’t revealed the valuation it’s pursuing, but rumour has it to be $10 billion – a far reach from the $2 billion valuation the company secured last year in an investment round led by Blackstone totalling £200 million.

Oatly reported revenues of $421 million last year, up from $204 million recorded in 2019. Likewise, losses have increased from $35.6 million to $60.4 million in this period.

Date published: 22 April 2021

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