Oatly the Vegan Milk Company Backed by Oprah Has Raised $1.4B in an IPO

Vegan milk maker Oatly has raised $1.4 billion in its U.S. initial public offering this week.

That is according to a person familiar with the situation. The IPO was priced at $84.4 million American depositary shares at $17 each said the source. This was at the top of the company’s indicated range and implies a valuation for the company of $10 billion.

The Swedish based company has been backed by Oprah Winfrey and Natalie Portman among others. Investors additionally include rapper Jay Z and former Starbucks head Howard Schultz.

Oatly is a maker of dairy alternatives who sells its products in more than 20 markets across Europe, the United States and China. The company is known primarily for its oat milk products and has tie-ups with several cafes in the United States, including Starbucks. It additionally sells its products online and through food retailers like Target Corp and Tesco.

Oatly was founded by brothers Rickard and Björn Öste in 1990, and had raised $200 million in a star-studded investment round led by private equity firm Blackstone Group and including Winfrey, Portman, an entertainment company founded by Jay Z and Schultz.

The company’s biggest shareholder is a partnership between Belgian investment firm Verlinvest and an entity called Blossom Key Holdings, which is controlled by China Resources Co Ltd, a Chinese government-owned company.

Morgan Stanley, J.P.Morgan and Credit Suisse are among the lead underwriters for the offering.

Shares began trading on the Nasdaq Stock Market on Thursday under the symbol OTLY.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.