Last week, we reported that Swedish oat milk giant Oatly was preparing to file for an IPO, at a staggering (but still rumored) valuation of $10 billion that would make it by far the largest public offering of any plant-based startup in history. Issuing stock on the New York Exchange would allow Oatly's bullish consumers to buy a small piece of their favorite non-dairy milk company.

A spokeswoman confirmed that Oatly has submitted an F-1 registration statement with the SEC, which is the usual step foreign companies make as a first step to issuing securities on the New York Exchange. The company is said to be valuing itself at a market cap of $10 billion, which would make it five times bigger than Beyond Meat when it launched on the big board at $25 back in October 2019. Now Beyond is trading at $154 (as of the most recent close) which puts it just a shave less than a $10 billion market cap, still smaller than what the oat milk company believes it is worth if the rumored price stands.

Granted, Oatly is growing fast: Just seven months ago in July 2020, Oatly was valued at $2 billion, according to Pitchbook data. It recently closed a round of $400,000 million, led by the Blackstone Group and a lineup of celebrities from Oprah to Jay-Z and Natalie Portman.

The news of an IPO arrives almost not even one full month after the company's offbeat Super Bowl ad, which featured the song “Wow, wow, no cow,” sung by CEO Toni Petersson at an electric keyboard while sitting alone in a field of oats. The bizarre rendition of a song he wrote appeared, at first listen, to be a rare marketing misstep by the hip company, but quickly gained a virality that could only be considered good for business, proving that paying $5 million for a Superbowl spot may be a worthwhile investment in your company's future.

Oatly Preparing to Go IPO, with a roster of star investors at its side

After Oatly's Super Bowl commercial generated loads of conversation on Twitter, CCO John Schoolcraft explained the strategy behind the song, saying that "it's just the right time right now for us to make a bigger statement to the whole national audience."

The company recently attracted a roster of celebrity investors including Oprah, Natalie Portman, and Jay-Z, and others who put $200 million into the oat milk maker last year. The celebrities were joined by Howard Schultz, former CEO of Starbucks, whose company carries Oatly products in stores across the United States. The investment round of $400 million was led by the Blackstone Group, Group, the private-equity firm.

The global plant-based milk market was recently forecasted to reach $21.52 billion by the year 2024 by Research and Markets, reflecting the growing consumer trend of swapping out dairy for vegan alternatives. With its quirky ads and creamy taste, Oatly is sitting atop the non-dairy market as a household name. Because of the Swedish company's rapidly growing fan base and rising notoriety thanks to the recent ad placement from the Super Bowl LV commercial, Oatly is once again betting on its perfect timing.