An advert for plant-based milk firm Oatly on the aspect of Barcelona’s Trambaix mild rail public transportation.

Jeff Greenberg | Common Photos Group | Getty Photos

Sweden-based Oatly, which counts Oprah Winfrey and rapper Jay-Z amongst its distinguished backers, has submitted plans for an preliminary public providing to regulators, the maker of vegan foods and drinks merchandise stated on Tuesday.

The deliberate inventory market itemizing comes because the plant-based meals sector has gained investor consideration over the previous few years, particularly as fast-food chains and upscale eating places create new menus to draw health- and environment-conscious diners.

Oatly, identified for its oat milk merchandise, has tie-ups with a number of cafes in the US, together with Starbucks and likewise sells its merchandise on-line and in retail shops.

A lot of the demand for plant-based meals is being led by millennials and technology Z customers, who’re greater than prepared to spend on sustainable merchandise which are additionally wholesome.

Oatly raised a $200 million fairness funding in July final yr from a gaggle led by Blackstone that features Oprah Winfrey, Natalie Portman and former Starbucks chief Howard Schultz.

The brand new buyers additionally included Jay-Z’s leisure firm Roc Nation, Orkila Capital and Rabobank’s Rabo Company Investments.

Oatly, based by brothers Rickard and Björn Öste, was valued at about $2 billion in July, in accordance with PitchBook.

The corporate, whose Oatly model is out there in additional than 20 international locations all through Europe and Asia, could possibly be valued at about $10 billion in its IPO, Bloomberg Information reported earlier this month, citing individuals aware of the matter.

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