Oatly, the world's largest oat milk company, raised $1.4 billion in an initial public offering Thursday on the Nasdaq stock exchange, capitalizing on a global surge in demand for its products.
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Oatly priced its shares at $17 apiece ahead of the IPO, giving the company a valuation of nearly $10 billion. It's trading under the ticker symbol "OTLY."
Oatly's shares rose nearly 19% to close at $20.20 Thursday.
Oatly says more and more consumers are giving its oat-based drinks, yogurt and ice cream a try. In the last three months, between 35% to 40% of adults in the U., the United Kingdom, Germany, China and Sweden purchased plant-based milk alternatives, Oatly said.
Oat milk's growth is surpassing other plant-based drinks. US sales of oat milk jumped 131% over the last year, to $304 million, according to Nielsen. US sales of soy milk, rice milk and coconut milk fell over the last year, while almond milk sales rose 9%.
