Oatly’s chief executive recently announced that there is a possibility they are the next vegan company to IPO.
In an interview with Press Association, Toni Petersson revealed Oatly’s plans for the future, which include opening a factory in the UK and an IPO.
Bringing a new factory to the UK could be a smart move, as its one of the brand’s biggest markets, which brings around £18 million in revenue. It’s expected to double in the next year as more people are moving from dairy to plant-based milk. “We’re planning for more factories and we’re looking at the UK because it’s such a big market for us,” Petersson said. “I think we should have something here.”
Due to the continuous growth of Oatly, it has left shortages in the UK and the U.S and the need to expand its capacity. Opening the factory in Europe will assist in increasing the production of the company.
Petersson confirmed that in the future, it won’t sell out to a multinational food and beverage company, but going public could be possible. “We’re not part of any structure, I think that’s obviously the preferred way,” he said. “We could potentially even IPO if it gets that big.”
Following Beyond Meat
If Oatly does IPO, they could be following plant-based meat company Beyond Meat. Earlier this year, it became the first vegan company to IPO, and it did it with roaring success.
The Beyond Meat IPO was first priced at $25 per share, but it rose to $65 by the end of the first day, making it the best initial public offering of 2019.
Oatly and Beyond Meat want to become part of a new sustainable food system that doesn’t depend on animal agriculture. The company believes that humans don’t need cow’s milk for nutrition. Its slogan is “It’s like milk, but made for humans.”
“We’re tapping into this whole global movement, this ideology of making this world better,” said Petersson. “It is driven by young people who are concerned about what’s going on and understand that everybody needs to pitch in in order to make things better. I think that movement has grown really, really strong in the last two years.”