Oatly goes public, opens Utah factory: ‘We are going to prioritize growth over profit,’ says CEO Oatly – which made its debut as a public company today (Nasdaq ticker: OTLY ) after an IPO that raised $1.4bn – has started producing its first products from its new plant in Ogden, Utah, this month, opening up new capacity to meet surging demand in the US market, says CEO Toni Petersson.
Speaking on a video call with reporters after selling 84.4m American depositary shares for $17 a share (at the high end of the expected $15-$17 range) to raise $1.43bn, Petersson said: “
The factory is now up and running, and we’ve started to produce finished products already, last week, which is really exciting, and which will enable us to close the gaps of fill rates, but also expand with new partners across retail and foodservice.”
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(Reuters) -Shares of Oprah Winfrey-backed Oatly Group AB jumped 30% in their market debut on Thursday, valuing the Swedish oatmilk maker at about $13 billion, as demand for plant-based food products surges globally.
The Oatly factory is seen in Landskrona, Sweden May 20, 2021. TT News Agency/Johan Nilsson via REUTERS
Oatly’s strong debut, along with that of construction software firm Procore Technologies, is expected to restore short-term confidence in U.S. initial public offerings. That market has been rocked by recent inflation fears that forced investors to abandon growth stocks.
Shares of Sweden-based Oatly, whose investors also include rapper Jay Z and former Starbucks Corp head Howard Schultz, opened at $22 a share.
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