Oatly stock soars nearly 30 percent during the company’s public market


Shares of the oat milk brand Oatly soared nearly 30 percent during the company’s public market debut Thursday.

The stock began trading around 11:45 a.m. ET at $22.12, about 30 percent above the IPO price, giving the company a valuation of $13.1 billion. The Malmo, Sweden-based company is now trading on the Nasdaq under the ticker “OTLY.” The company sells a milk substitute made from oats.

The oat-milk maker priced its IPO on Wednesday at $17 per share, at the top of its indicated range, giving it a valuation of $10 billion and raising over $1.4 billion from the sale of new and existing equity.

In addition to oat milk, the company also now sells some oat-based ice cream, yogurt, cooking creams and spreads. 

The company has scored some big-name investors. Last July, a group led by private equity giant Blackstone and that included Oprah Winfrey, Natalie Portman, Jay-Z’s entertainment agency and former Starbucks CEO Howard Schultz invested $200 million in Oatly. 

That investment spurred criticism for Oatly from protestors who criticized the company’s ties to Blackstone, which has investments in a handful of companies that don’t share Oatly’s vision around sustainability.

The investment earned Oatly a $2 billion valuation, even though the company has yet to post a profit. While sales more than doubled from 2019 to hit $421.4 million last year, it posted a loss of $60.4 million as it invested in product development, new factories and marketing, according to its regulatory filing