Oatly Group AB
OTLY,
has set terms for its initial public offering, which could value the Sweden-based plant-based food company at more than $10 billion. The IPO is expected to price between $15 and $17 per American depositary share. The company is offering 64.7 million shares in the IPO to raise up to $1.10 billion, and selling shareholders are offering 19.7 million shares to raise up to $334.7 million. With 592.14 million ordinary shares expected to be outstanding after the IPO, the company could be valued at up to $10.07 billion. The stock is expected to list on the Nasdaq under the ticker symbol "OTLY." The company is looking to go public at a time of tempered investor enthusiasm for IPOs, as the Renaissance IPO ETF
IPO,
-1.57%
has tumbled 27.2% over the past three months while the S&P 500
SPX,
-1.04%
has gained 7.0%.