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Oprah, Jay-Z Backed Oatly Plans To Go Public

Oprah, Jay-Z Backed Oatly Plans To Go Public

Oprah, Jay-Z Backed Oatly Plans To Go Public

Oatly, the Swedish vegan food and drinks producer, which is backed by Oprah Winfrey and Jay-Z, is preparing to file for an initial public offering (IPO), the company announced on Tuesday.

Oatly’s line of oat milk-based products is currently sold in more than 20 countries across Europe and Asia and it is estimated to be valued somewhere between $5 billion to $10 billion.

The company’s decision to go public comes at a time when plant-based food is fast gaining popularity with a growing number of QSRs such as Burger King and McDonald’s and upscale sit-down restaurants adding vegan meat options in response to their millennial and Gen Z customers’ demands.

The company’s products are currently sold at cafe chains across the U.S., including the Starbucks physical and online stores, according to Reuters.

Oatly was founded by brothers Rickard and Björn Öste and the company was valued at about $2 billion in July last year.

Morgan Stanley, JPMorgan and Credit Suisse are reportedly helping Oatly with the flotation, which is expected to take place before Summer.

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