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Despite creating a Super Bowl commercial that was torn by critics, the investment by vegan dairy maker Oatly may have been money well spent.
The Swedish company is reportedly considering a valuation of $ 10 billion for an initial public offering that could take place as early as May. That’s a far cry from the $ 2 billion the Wall Street Journal reported the company was worth in July.
Sources have informed Bloomberg of the increase in the number and that discussions continue regarding the size and timing of the NYSE listing. While Oatly mulled over listing in Hong Kong, after his Super Bowl splash, the focus now appears to be on pursuing listing only in the US. A spokesperson for Oatly declined to comment.
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Oatly’s 30-second Super Bowl commercial featured company CEO Toni Peterson playing a keyboard and singing in an oat field about the company’s milk.
“It’s like milk, but made for humans,” Peterson says. “Wow, now cow!”
According to the age of the ad, The Oatly ad was produced in 2014 and banned in Sweden after being sued by the Swedish dairy lobby. A 15-second version of the ad has been posted to Oatly’s YouTube channel since 2017. Variety reported that a 30-second ad for Super Bowl LV costs around $ 5.5 million.
“No choreography, no musical license, no famous actors – maybe not even a director. The wackiest announcement this year came from Oatly, a company that is very good at making oat milk. and very bad at doing advertisements, “the Washington Post wrote. “Uncomfortably awkward ‘Napoleon Dynamite’ vibrations abound.”
Justin Peters, of Slate, said the ad won the “What the hell was that?” prices for 2021.
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“This ad smacked of the kind of inauthentic quirk that ends up being read as sufficient,” Peters wrote. “While I enjoy Oatly’s products, I confess that I don’t have or love the company’s drive to produce ads that consciously and deliberately choose to waste the space they have purchased.
Likewise, the ad faced a similar rejection on social media, with one user suggesting the ad was “roughed up on purpose for people to talk about”.
Oatly, who called the backlash “popular opinion,” took advantage of the moment by selling t-shirts that read “I totally hated that Oatly ad.” According to the company, the shirts are now sold out.
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However, some users have come to the publicity’s defense, such as musician QuestLove, who said Oatly’s place was “winning” with a “must-have song.” Other users said it was their “favorite ad so far” and found the jingle to be “pretty cool [to be honest]. “
“Maybe interrupt the second trimester so the world can check out Toni’s musical styles of how oat milk is like milk, but made for humans, that wasn’t the coolest idea. Bowl-ish never, but on the other hand, our attempt to promote Toni’s singing skills to a larger audience took you to an oat milk company website on D-Day, ”said Oatly in a statement posted on his website, “Complete success!”
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Oatly AB was founded in the 1990s by brothers Rickard and Bjorn Oste. Using patented enzyme technology based on Swedish research from Lund University, the company turns high-fiber oats into nutritious liquid foods.
The company’s popularity stems from the fact that plant-based alternatives to traditional meat and dairy products have spread into the mainstream. Starbucks and Dunkin ‘announced last year that they would be adding oat milk to their menus. Starbucks also announced an agreement with Oatly to introduce its products to markets such as Hong Kong, Singapore, New Zealand, Taiwan and Thailand.
The Wall Street Journal reported that Oatly AB sold a $ 200 million stake in July to Blackstone Group, a private equity firm run by Trump donor Stephen Schwartzman. The investment would also be backed by Oprah Winfrey, Natalie Portman, the former head of Starbucks Corp. Howard Schultz and the entertainment company founded by Jay-Z.
Oatly’s potential IPO plans are part of a similar effort by rival Chobani. The yogurt company is reportedly considering an initial public offering later this year that it hopes to value the Norwich, New York-based company between $ 7 billion and $ 10 billion, according to people familiar with the matter.
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