Sweden-based Oatly, which counts Oprah Winfrey and rapper Jay-Z among its prominent backers, has submitted plans for an initial public offering to regulators, the maker of vegan food and drink products said on Tuesday.
The company, which sells its Oatly brand of products in more than 20 countries across Europe and Asia, could be valued at more than $5 billion and has hired Morgan Stanley, JPMorgan and Credit Suisse as underwriters on the offering, sources told Reuters.
The planned stock market listing comes as the plant-based food sector has gained investor attention over the past few years, especially as fast-food chains and upscale restaurants create new menus to attract health- and environment-conscious diners.
Oatly, known for its oat milk products, has tie-ups with several cafes in the United States, including Starbucks and also sells its products online and in retail stores.
Much of the demand for plant-based food is being led by millennials and generation Z consumers, who are more than willing to spend on sustainable products that are also healthy.
Oatly raised a $200 million equity investment in July last year from a group led by Blackstone that includes Oprah Winfrey, Natalie Portman and former Starbucks chief Howard Schultz.
The new investors also included Jay-Z's entertainment company Roc Nation, Orkila Capital and Rabobank's Rabo Corporate Investments.
Oatly, founded by brothers Rickard and Björn Öste, was valued at about $2 billion in July, according to PitchBook.
JPMorgan and Credit Suisse had no immediate comment when contacted by Reuters, while Morgan Stanley declined to respond.