Oprah-backed Oatly, the oat milk food brand that catapulted to stardom following its bizarre Super Bowl ad, submitted plans for an initial public offering on Tuesday.
The Sweden-based company, which subs in oat milk for dairy in vegan products like coffee creamers, yogurt and ice cream, submitted a confidential F-1 registration statement with the Securities and Exchange Commission, the first step towards its potential IPO, the company confirmed to FOX Business Tuesday.
Oatly hired Morgan Stanley, JPMorgan and Credit Suisse as underwriters on the offering, which could be valued at more than $5 billion, sources told Reuters.
IPO plans for the brand come as the popular milk alternative continues to saturate mainstream grocers and coffee chains. Starbucks announced in December it would roll out oat milk at all of its locations across the country starting this spring, following a successful test run in 1,300 regional coffee shops. And coffee competitor Dunkin’ debuted its Oatmilk Latte in stores nationwide last spring.
Blackstone Group led a $200 million round of funding for Oatly last July and Jay-Z's entertainment company Roc Nation is also an investor in the brand. News of its plan to go public comes as the brand continues to gain a cult-like consumer following. When the brand sold out of its Barista Edition Oatmilk in 2019, 12-packs of the beverage were selling for up to $226 on Amazon. (A 32-ounce carton retails for $4.99.)
The company also made headlines earlier this month for its eyebrow-raising Super Bowl commercial, in whichCEO Toni Petersson sings about the oat milk in a field for the entire 30-second ad.