Plant-Milk Maker Oatly Aims for $1.6 Billion Nasdaq Listing, Though Chinese Backing Could Prove a Problem
Oatly plans to further expand its business in China, its biggest Asian market, according to the prospectus. Photo: Oatly
Major plant-based milk-alternative maker Oatly Group AB has spelled out its IPO pricing, though questions remain about whether its ties with a Chinese state-owned backer could affect its Nasdaq listing.
The Swedish company expects to raise up to $1.65 billion with an offering price of between $15 to $17 per American depositary share, it said in its updated
prospectus on Tuesday. That would give it a $10 billion valuation.
As of March 31, conglomerate China Resources (Holdings) Co. Ltd. and Belgium-incorporated Verlinvest S.A. jointly hold 55.9% of Oatly through the 50-50 joint venture Nativus Co. Ltd., according to the filing.